|Payday Loans | Myths|
|No nonsense answers
and information about pay loans.
CASH ADVANCE MYTHS
• Payday loans trap borrowers in a never-ending “cycle of debt”.
• Payday lenders take advantage of poor people and minorities.
• Payday lenders loan money to people who cannot afford to pay it back.
• Payday lenders hide fees and mislead consumers.
• Payday Loans are extremely expensive and have exhorbitant interest rates.
• Anti-payday lending activists have consumers’ best interest in mind.
• Consumers win if payday lenders are regulated out of business.
A payday loan is a useful, no-hassel way to get cash to cover unexpected, everyday expenses.
|Note: Cash Advances are not intended to meet long-term financial needs, but only a short-term need. Consumers should seek credit counseling for credit difficulties|