If you have spent any time on CornerstonePayday.com you know that we fully disclose our fees and interest rates. If you are a regular visitor to the Cornerstone Payday blog, you are well equanted with what we charge, and why we charge it. Many of you probably think advertising fees and interest rates is an easy way to lose business, but we can’t agree. At Cornerstone Payday we’re not in the business of praying on those who are facing financial hardship. We believe that our online payday loans provide an important service to those financially struggling to make payments before payday arrives.
We’re not in the business of judging people for coming up short before payday. In fact, most of us have been there ourselves. In this economy it has become far more difficult to build up a substantial savings account. The recession caused many companies to cut full-time positions; as a result, many Americans have taken on part-time or free lance work. It is hard to cover expenses with half the paycheck you were once receiving. When you live from paycheck to paycheck, it leaves very little wiggle room for emergency expenses. If a person gets sick, gets a flat tire, or experiences any number of life’s annoying disasters, they need emergency funds. When you don’t have a savings account or credit card to bail you out of a jam, there are online payday loans.
If companies like ours did not provide payday loans, where would these people turn for funds? Without online lending companies like ours, many Americans would face hefty fines, late fees, and face even worse consequences. Yes, we do charge a fee, and there is interest associated with our cash loans. However, the fee and interest we charge are lower than what our customers would pay in overdraft fees, etc. Online payday loans are short-term loans, so the customer has to pay back the loan with their next paycheck. The interest is charged when the loan is not paid on time. The fee is charged in order to protect the payday loan lenders from customers who default, since these types of loans have a high default rate.
Cornerstone Payday will always be upfront with our customers, because we are here to provide a useful community service. We want to provide customers with the emergency funds they need to take care of expenses and necessities. In these tough economic times we all have to look out for one another.