The Payday Loan Honor System

Payday loans are based on the honor system. Their entire business model relies upon the assumption that the borrower will be honorable enough to keep coming back month after month. It's a challenge to remain honorable based on the fact that the sole reason you went there in the first place is that you were short on cash. It's a miracle that payday loans have lasted this long.

It sounds crazy when you actually think about it but in reality, the majority of people have every intention of paying back the loan. Borrowers generally repay loans for the first two to three months until things inevitably get out of hand and they start looking for a way out.

Something always comes up...It starts with a late payment here and there and then ultimately a flat out default and refusal to pay. I know because I've been there way too many times. Most people don't take out a loan with the sole intention of defaulting on it. The majority of us are just not wired that way...but "shit happens."

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When The Devil Calls Your Job ll

So I'm sitting at work today and I get a call from a woman with a stern authoritative voice asking to speak to an unknown coworker. Upon further questioning, she reveals that she's calling from Credit Management. Immediately, my spider senses start tingling and I knew right away that she had to be a bill collector calling to harass one of my coworkers.

Having been in this situation before, all I wanted to do was "cover his 6". In laymen's terms, I wanted to protect my coworkers' backside from the enemy. After all, if a bill collector called my job looking for me I would want someone to cover my 6 too! I didn't even know the wanted guy but I refused to divulge any information about him.

The bill collector asked if I knew him and I told her that I didn't. She then asked if we had a company directory and I stalled by telling her that I was looking through it but I really wasn't. Caught off guard, I put the caller on hold and asked my supervisor what to do and she advised me to tell the caller that we don't accept bill collector calls...I love my job!!!

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