Payday Loan Fact and Fiction

If you've done any research in taking out your payday loan, you've probably heard more than your fair share of false information. There are those that greatly oppose payday loans and they'll stop at nothing to cast a dark shadow over the industry, even if it means spreading incorrect data. At our Payday Loans Center, we do our best to help separate the fact from the fiction for our visitors. Here's a look at some information you should see, especially if you're still having trouble deciding if a payday loan is right for you.

Fiction

The interest rate on a payday loan is too high and the industry is completely unregulated.

Fact

While it is true that most payday loans and cash advances have a higher interest rate than traditional loans, it's only because these are meant to be short-term loans. Over the course of a traditional loan, you might get charged interest a dozen times or more, but you'll typically only have a one-time fee with payday loans. If you were to compare the amount of interest paid over the course of a long-term loan, it would likely be more than that of a 10-day cash advance.

Fiction

Those who do not have a job cannot receive a payday loan.

Fact

In order to qualify for a payday loan, you don't necessarily have to have a job, but you will need a steady line of income. If you receive money from a legal lawsuit, government disability, or have some other type of income, you may still be able to get approved for a loan.

Fiction

The payday loan industry is packed with loan sharks and predatory lenders.

Fact

Although there will always be a few bad apples in every type of industry, we can confidently vouch for the payday loan lenders within our network. We refuse to work with companies that do not meet our highest standards for quality and customer service, so you can take peace of mind in working with our lenders.

Fiction

Payday loans are filled with hidden fees and tricks that force you into a debt cycle.

Fact

When you get your loan through our payday loans center, you can trust that you won't be bombarded with hidden fees or other tricks. We work with only the most trusted payday loan lenders in the industry and we know they can provide you with the help you need.

Fiction

You need a good credit score in order to get approved for a cash advance.

Fact

One of the greatest advantages of payday loans is that you do not need good credit to get approved with most lenders, in fact, you don't need any credit whatsoever! Your credit is simply not a factor in the approval process, so don't worry if your score is less than stellar!