WHAT’S THE BIG DEAL ABOUT ONLINE PAYDAY LOANS?

Learn here!

NAYSAYERS ARE COMMON

Naysayers are common when it comes to payday loans

They’re all over the news, radio, and newspaper

But, are their claims valid? Read on!

WHAT THEY ARE SAYING

They say payday loans are deceptive

They say online payday loans trap people into a downward spiral

They say they demand high rates of interest

Lets take a look at each of these statements

DECEPTIVE PAYDAY LOANS?

One claim is that they are deceptive. Lets look:

They say they are predatory This is an easy claim because most who look for online payday loans are

not in the best financial situation If these people were to create new ways to help the less fortunate, it

would create more competition among payday loans, as well as give these people more options

DOWNWARD SPIRAL?

One claim is that payday loans lure consumers into a downward sprial of debt.

This is false. Payday loans, if anything, can help you build better credit, if used

correctly Meant for short term use Pay off loans on time

HIGH INTEREST RATES?

The last claim presented here is that they charge higher rates of interest

At first, this looks like a true statement 15-20 Percent interest rate per month equals about 180% for the year

Again, these are meant for short term use, making this a feasible option When compared to other loan options, online payday loans are

comparable

IN CONCLUSION…

As you can see, these claims are made because people making the claims are misinformed or not knowledgeable in payday loans

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