by Steve Wagers

This content is part of a series.

It May Not Be Friday, but Payday Is Coming! (1 of 3)
Here Comes The Judge!
Pastor Steve N. Wagers
2 Corinthians 5:10

1. I suppose that all of us, at one time or another, has had to encounter the experience of living 'paycheck to paycheck.' It seems to be a common occurrence in the average American family. In fact, we're told that in the year 2001:

42% of middle-class America, in a one income home, lived from week to week; and,

55% reported that checks were written before the appropriate monies were deposited into their account.

2. Because of the growing dilemma a so-called 'solution' was introduced a few years ago. The California Senate Bill 1959, passed in July of 1996, changed everything. Legislators realized the need for consumers to secure small, emergency loans, with little or no red tape. They also recognized that banks were closing branches as a result of mergers and acquisitions, making it difficult for their constituents to avail themselves of bank services. And, the typical consumer finance companies were not interested in originating $100 to $500 non-secured loans for "surprise" expenses, like auto repairs, cover a check they have written, rent, or a utility bill.

3. As a result, Payday Advance Loan Centers have been opened all over the globe. Payday Advance Loans allow the customer the opportunity of obtaining "advance" cash before their normal payday. Typically, a customer will write a check, for the amount desired (plus a small fee), against their paycheck. Then, they are scheduled to pay the amount back when they are paid. The Credit Research Center at Georgetown University revealed that:

More than half of payday advance customers report annual incomes between $25,000 and $50,000

Two-thirds of payday advance customers are under 45 years of age.

66% of most recent new advances were used to cover an unexpected expense

59% percent of customers who considered other sources of credit chose payday advances because ...

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