The Facts on Instant Approval Payday Loans
Every few months a new story seems to pops up online, spreading an unsubstantiated myth about the instant payday business, with the purpose of scaring people away from payday loans and driving more website hits to someone’s blog. InternetPayday.com is not a lender, but that doesn’t mean we aren’t dedicated to ensuring that our users are completely informed. Let’s break down some of the more pervasive misconceptions about payday loans:
Instant payday loan services are scams – FALSE
The quick cash industry would have been outlawed a long time ago if instant payday loan services were scams. In many states, it is a requirement of loan lenders to pass certification tests and receive a quick cash lending license before being able to offer their services in the state. Research your state’s laws for more information.
A high credit score is required — FALSE
InternetPayday.com and its network of reliable lenders will never ask for a credit check. Your credit score, as affected as it may be by your past mistakes, won’t hurt your chances at getting an instant payday loan, nor will it affect the interest rates and fees that your lender will charge.
Instant payday loans keep customers caught in debt — FALSE
Loans received through InternetPayday.com are designed to help people break out of a cycle of growing debt. The loans are meant to pay off emergency bills, such as car repairs, medical bills, overdraft fees, and other urgent expenses. The load should be used as an advance on the next paycheck, instead of a way to get fast cash to pay for non-necessities. The service should not be used routinely, but rather only on an emergency basis. If a client plans to pay back the loan, then instant payday loans will help keep debt away.
Interest rates and fees associated with the loan are misleading — FALSE
The Truth in Lending Act was passed to combat that exact problem. According to the law, every fee and rate associated with a loan must be completely disclosed by the loan lender in writing before anything needs to be signed. All future fees are required to be revealed, so there is no way to mislead a borrower about the exact price he or she will have to pay.
Instant payday loans are aimed at low-income families — FALSE
Nobody is targeted when it comes to receiving loans. Anybody who needs quick cash can use InternetPayday.com’s network of trustworthy and secure loan lenders, regardless of economic standing. There is no physical location for InternetPayday.com, so location, whether it is a low or high income neighbor, does not factor into the process at all.