When people accept internet as a universal textbook for everything they can think about, lots of the newest things or trends become wrongly understood. When wondering or hesitating about financial topics (or about any other specific topic, by the way) choosing an adequate source of information is a must. Otherwise, you get into that traditional trap lots of online consumer fall into – the trap of the inadequate information, which walks the whole web down to eventually put some misunderstanding shadow to things. This is how myths about the payday loans have already appeared and currently are spread all around the web.
And in order to debunk them once and for all we are now here to tell you about the most classical myths we have heard about the payday loans. Check them out now and note that none of these is true…
- Payday loans are offered only to people who are out of many or broken in a big manner. As a matter of fact, none of the lenders actually care how many credit and debit cards you possess right now, as well as how much funds you keep in them. If you apply for a payday loan and you meet the provider’s requirements (and they are very few, by the way) you will get the desired amount of money.
- All payday loan providers have fees and taxes you need to pay and eventually you get surprised by as they are in generally hidden. The fees are usually small and they are mentioned to cover the customer support service process. And they are never hidden. Those with the hidden fees are payday loan providers which are eliminated by the market almost immediately.
- It is a must to have good credit score to become eligible for payday loans. On the contrary – about 99% of the providers offer payday loans to consumers even with bad credit history. So if you have bad credit history and you need money, feel free to apply for payday loans anytime you want to.
- You need to on mandatory pay back your debt the next time you receive any payment or your monthly salary. As a matter of fact, if you want to you can pay your payday loan amount partially within a period of time you prefer – 2, 3, 4 and so on months for instance.