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Thoughts on payday loans


New Member
Everyone has come across a time where they needed some extra money. Whether they got behind on a payment or needed extra money for an emergency, we have all been there. A few of us have even taken out payday loans. In the past, this has been the domain of pawn shops and loan operations. These operations were the only option for people in cash pinch until recently.

Republic Bank, which I represent, has recently entered into the field of payday loans. Obviously people do not want to be in the position of needing extra money, and many people do not like the idea of turning to the local pawn shop to secure extra funds. We are curious to find out the perception of securing a payday loan from a bank. Keep in mind that Republic Bank must follow some more stringent guidelines than most of these operations. Also, as a bank, Republic is used to processing and securing people’s sensitive financial information. So our question is, if you have to take out a payday loan, would you want to turn to some company that focused on it, a pawn shop, or the same service backed by a bank or would you simply be against the idea of a payday regardless of the institution backing it?



Secret Agent
Staff member
Honestly I wouldn't mess with PayDay loans myself. If I needed cash I would rather sell something than go this route. I have had too many checks arrive late, some months at a time, that a PayDay loan would have been a nightmare.