Pay Day Loan Mortgages Revisited

Last summer I wrote about the idea of Pay Day Loan Mortgages and at the time I was quite critical of the idea. However, 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 compared to the enjoyment of homeownership 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 “Kardashianâ„¢-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)

(April Fools!)

Other Pay-Day Loan Articles

• The Pros and Cons of Using a Payday Loan for Emergencies an article by Hoyes-Michalos. They have seen the impact of these loans.
• Pay Day Loan Mortgages Revisited I think I was kidding here, I hope.
• In Defense of Pay Day Loans? That title is a bit of misdirection as well.
• Pay Day Loans are Crack Cocaine of Personal Finances that title sounds more like it.
• New Pay Day Loan Rules In Place in Ontario in 2007 they didn’t help much.
• When to Use a Payday Loan? Never! title explains it all.
• Payday Loans: No, no, no! You get the point right?