Tuesday, April 19, 2011

Payday Loan Myths

Online payday loans are a perfect choice for people looking for a fast and convenient way to pay bills or cover unexpected expenses. Payday loans have been available for some time now to anyone who needs to get a hold of cash quickly regardless of their current financial situation.

This has made payday loans very popular because almost every other type of loan involves a credit check to make sure the requester has no history of bad credit or late payments. However, remember that payday loans should be paid back in full within a short period of time.

As popular and appealing as payday loans are, there are a number of misconceptions or myths if you will that surround payday loans.

Payday Loans Are Only For Those Who Are Struggling

That's not true as cash advance payday loans are a convenient short-term financial management solution that many people use to avoid bounced check fees, late payment charges, higher interest rates and to protect their credit ratings.

If you are of the opinion that payday loans cash advances are only for those who are struggling, statistics show that the most typical users of payday loans are young, educated people with a full-time salaried job. Although the typical reasons for requesting a payday loan is for emergencies and unexpected bills such as car repairs, household repairs medical expenses and so on, others will use this simple and quick loan arrangement to take advantage of an "opportunity" which they can't really afford right now and won't be available the following month after they have been paid.

Huge Increase In Fees And Interest Rates 

There have been a lot of negative comments regarding the high interest rates that payday loan companies charge compared with other lending services.

Given that all other lending services such as bank loans for example require a far longer processing time and the production of private documentation as well as credit checks there is no safe and reliable alternative to a payday loan when you need cash quickly. And, of course there is a price to pay for that convenience.

The price for that will be in the form of a higher interest rate given we are talking about an unsecured loan and the associated risk the lender is taking by approving the loan, often without a credit check or requiring you to fax proof of income and ability to repay the loan.

However, there are a number of companies that offer payday loans with extremely high interest rates and will take advantage of unsuspecting people who have not taken the time to check things out properly. At AtoZ Financials we do the research for you and only allow lenders in our network who are honest, fair and up front about their fees. We take into account your circumstances and location to find a number of online payday loan companies who can and will provide you with a solution and then compare the fees and interest rates to get you the best deal possible.

Remember interest rates on any payday loan from any lender will be higher than interest rates on regular loans. Although some people may run into difficulty, the majority plan to pay back the loan in full and on time, once they get paid. If you are one of those, interest rates will not be a problem. Visit Speedy Payday Cash to apply and we will address your Payday Loan Quick Cash needs!

We are all Loan Sharks 

Again, this is not true, but yes they exist as much today as they ever did and it doesn't help when you read something like this:

"I make my living selling people fast cash payday loans, and I have got to tell you. People just aren't fair to loan sharks. It's there in the name. Loan shark! But really, what I do when I hook someone up with a fast cash payday loan, is give another chance to some poor guy who just does not have any chance at all without me. Sure, I make money off of the poor guy, but is that so wrong? I don't force anyone to come to me and get their fast cash payday loan - they come to me themselves. If what I was doing was somehow hurting them, then why in heck would they go for it in the first place. But you try telling that to the people picketing outside of my fast cash payday loan center"

Unfortunately people like this can serve to build a stronger negative image of payday loans by the rates they charge and the image they portray. Furthermore, people who are unaware of the online options available, and some may not even have access to a PC or the Internet may conclude that this is how payday loans operate.

Bank fees are cheaper than Payday Loans
Have you bounced a check lately? Did you write out some checks for bills and then realize after you sent them that you did not have enough money to cover the checks? Well, your bank will pay the checks for you BUT will charge you exorbitant fees because of the Non-sufficient funds in your account. They will not charge you just one late fee, they will charge you one late fee for every check that is outstanding! So, it is easy to see that an online Cash Advance or a Payday Loan is much cheaper when you compare fees. Do not have enough money to cover those checks? Get a Fast, Secure, Discreet and Easy loan now at through Speedy Payday Cash

The best time to understand why these payday loan myths exist and how you can build your knowledge of how the process works, what reputable online companies exist and which would be the best for you, is right now when you do not have a need for a payday loan. When you are less stressed and under no pressure you will take the time to research properly. Not only that, when you do eventually need a payday loan, all your work has been done and you can apply to us with confidence. Let Speedy Payday Cash find the best loan for you!

What are you waiting for? Apply Now and put us to work proving our worth by getting you quick cash with a No Fax payday loan or cash advance.

AtoZ Financials is not a lender and is the parent company to Speedy Payday Cash. Speedy Payday Cash, whenever possible, will match you with an excellent lender who loans in your area.

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