Check Cashing v. Financial Education

Every morning I listen to the radio while I’m getting dressed, and every morning I hear the radio personalities advertise for a check cashing/pay day loan place. The station is an urban station, meaning a majority of the listeners are more than likely going to be Black. So, basically a Black radio station is advertising using check cashing places to do anything from pay bills to one morning the mentioned buying coffee.. Am I the only one who finds this WRONG?

Lately, I have been getting into financial literacy and financial independence. Everything that I have learned has told me to stay AWAY from check cashing and pay day loan types places. So why is this being advertised as a solution to financial troubles? Why is this even being brought up as an option to save the day financially?

Ok, maybe it might be a financial option occasionally, if you know the ins and outs of using these types of places and understand the risks involved. Cash advances and pay day loans typically have HIGH interest rates. So my thinking is, if you didn’t have the money when you needed it are you really going to have the money plus some when it comes time to pay off the loan? Shouldn’t people in positions of power use that power to educate their listeners, instead of telling them they can get money fast WITHOUT telling them they will have to pay even more for it in the long run?

I guess one can make the argument; this is what we all do when we use credit cards or take out student loans…auto loans…mortgages…personal loans. But there are criteria that have to be met in order to qualify for those loans. Check cashing and pay day loan places, do they have criteria or do you just go in and come out with money?

Why not try to teach financial responsibility and independence instead? I suppose financial independence doesn’t advertise…