Most lenders would claim they offer the service to assist the unemployed meet their emergency financial needs. However, if you look closely at their packages, their interest packages are oftentimes not flexible and they don’t allow sufficient time for the borrower to repay the loan. At the final analysis, the loans do the borrower more harm than good.
Maybe the state should look into this matter intently. Maybe it is high time that the state should devise a program where the unemployed, who are often on tight financial strain, can borrow money without being taken advantage of. The program can offer some uniformity so that borrowers can access solutions to financial problems without worrying about not being able to pay at the appointed time.