Payday Loans in Milwaukee Wisconsin – Overlapping differences cause of Economic Abyss

Payday loans

It is a loan that is taken for a time period till your next pay arrives. It is available both online and on stores. The only eligibility for this kind of loan is you need to be an American citizen with steady job and checking account, after filling certain required information and after verification of that, money is transferred to your account. Repaying is easy! If taken in person, then you need to give postdated check with the due amount filled in it, which includes amount borrowed plus interest in addition to fee. If the loan is taken online then the amount will be deducted automatically on the day of your pay. In some states of America the payday industry is regulated but unfortunately in Milwaukee it is not so. There are chances that if you are not able to pay by the next payday you may fall into the vicious circle of debt. The APR can shoot to 574% which can turn the situation worse.

Payday Loans in Milwaukee Wisconsin

Title loans

are taken against the collateral like vehicle. The loan given will be just the fraction of the cost of the vehicle. If you are not able to repay, there are chances that you may lose your car or truck. The interest rates are high in the absence of regulatory body. So APR can touch 500%.

Pawn Shop Loans

In financial emergency people give their valuables at pawn shop to meet their expenses , normally the rate assessed for the valuable is far less than the actual value. The lender charges$12% for every $100 borrowed.

pawn shop loans

Thus the lower strata of society struggle to pass through life. The root cause of poverty should be addressed to seriously. Life is to live, to breath is to exist!

Milwaukee pulsates with the energy of its 600,000 residents. It is concoction of history, tradition and modernity. The blue collared and white collared jobs, exciting developments, low cost of living have all contributed to the gravitation of Millennials towards it. The in -flow of youngsters  has kept the median population of this city low. The social fabric has undergone a complete change with the younger generation coming to this city. They are passionate, zestful and want to live life to the fullest .Thus one can see the mushrooming of bars, restaurant and night clubs. Milwaukee showcase array of cuisine and talent. Though housing is bit cheaper as compared to other metropolitans but health care is expensive , most residents in the city live on rent and the rich homeowners in suburbs in the older lake front area. More than half of the residents of the city are unmarried but teenage pregnancies is a matter of concern.

The crime rate is high in the city. The city is witness to 74 non- fatal shooting and 18 homicides, 65 carjacking cases and many cases of drug trafficking in the last year. This all is the result of racial discrimination, poverty, domestic violence. The injustice, inequity, unemployment, uneducated population and the reason is, their color. More than 1/4 of city residents still live in poverty. The manufacturing jobs which were a staircase to middle class have spiraled down. The shift of city from tradition to modernity and technology at the cost of destroying the past has caused this imbalance in the society. Low wage work is the only option left with the black, poor; uneducated people. The white collared jobs are taken by the millennials who don’t even belong to Milwaukee. This has led to a very sorry state of affairs.

Milwaukee works on the dictum of opposite rich-poor, white-black, outsider- native, white collared- blue- collared, inner city- suburb. Such are the overlapping differences which have led to the economic disparity. These overlapping differences take the marginalized away from the main stream thus increasing the  gulf.

There are some social services that help homeless and poor families but there is a large population who does not fall in the above category but it is believed 21% of the total population still struggle to pass through the month because of meager income. There are times when they have to meet extra expenses like medical emergency, repair bills etc. In such situations they depend on certain loans.