Last summer I wrote about the idea of Pay Day Loan Mortgages and at the time I was quite critical of the idea, but after a while to reflect on this, it might end up being a sound financial concept for a specific group of consumers. I compared it to being a concept as ludicrous as a Sharknado, but after reflection maybe it serves as a needed service (and maybe we should watch out for Sharknados as well).
If you need a house for about a 2 week period, you don’t want to have to tie up your capital and all that, just get yourself a quick Pay Day Loan Mortgage and then after you are done with the house, you give it back, and pay off your two weeks “service fee” on the Pay Day Mortgage.
Remember if this is a $300,000 house we wish to own for only two weeks, our estimated “service fee” of between $30,000 and $60,000 is a drop in the bucket compared to the enjoyment of home ownership for two whole weeks! Does it matter that your fees cost more than a new car? Of course not, because you got to enjoy living in a beautiful home for those two weeks.
Another great idea is if you already owned your house, getting a Pay Day Loan mortgage would be useful as well, say if your Daughter Wanted a “Kardashian™-like” Wedding Ceremony, and you were planning on winning the lottery, you could borrow the $500,000 you might need and then pay back the small service fees 2 weeks after the ceremony ( what is $575,000 if it makes your daughter happy and she gets what she wants?).
I note that none of the “main stream” Pay Day Loan sites have not picked up on this new service, so I may have to start-up the Big Cajun Man “I am Ripping You Off” Pay Day Loan Mortgage service (maybe just on-line).
Please note the date of the publishing of this less than humorous lampooning article (April 1st, 2014)
I knew something was tetchy, as I remember how you ripped the industry a new one last time, just like I have!
Here I am reading this on the 3rd not the first, so the April fool’s thing was off for me.
Good reading nevertheless!
Yeh, sometimes April Fool’s jokes aren’t as funny in May or June…
You mean I shouldn’t buy my new car with a payday loan? But I really want to!
Mark
Hey, I am sure someone has, and more is the pity….
I saw a payday loan add which seemed like an April Fools joke, but it wasn’t. Something like “Normally you get $200 for $20 but now only we’ll give you $300 for $20, that’s half off!”. Whaaaat????
Ha! You got me! I was scratching my head but then the coffee hit me. Happy April Fools!