7.08.2008

payday loan myths revealed!

I've kind of always known but I didn't realize the staggering criticism against payday and title loans. There's a lot of doo-doo going around and it's truly, just that.

Biggest Myth #1. Payday lenders take advantage of low income families and minorities
Biggest Myth #2. Payday loans are extremely expensive and have ballooned interest rates

It seems like there are some entities out there who intentionally spread incorrect information about the payday/title loan business. Just give the CFSA website a look to find out for yourself.

GET EDUCATED!!!

The FACT is, payday loan customers are proven to have steady income across the board. In fact, it's a bloody requirement. Studies show that the average payday loan customer’s income ranges from $25,000 to $50,000 annually and 94% have high school diploma or better with 56% having some college or a full degree. That pretty much describes middle-class America. Me, you and everyone (or mostly everyone) we know.

And remember...payday loans are two-week loans....not annual. See USAPayDayLenders.com to see for yourself. The typical fee charged by lenders is $15 per every $100 borrowed...15% for the two-week duration. Stating that interest rates are as high as 400% apr is true.....IF THE LOAN LASTS AN ENTIRE YEAR. Someone's stretching the truth a little too much I think...that's an impossible number in the world of payday and title loans, especially since most lenders don't allow rollovers...and the ones who do only allow 4 max! See!!!

Don't believe the hype.
If you need it, don't hesitate to think about a payday or title loan.

Check it!
RPM Lenders
AutoCashUSA
PaycheckATM

TitleLoanSites.com....a new site with descriptions of the top three title loan sites and lots of helpful links and other resources about Title Loans.

1 comment:

HTMLTHUG said...

Who in their right mind would lend somebody $200 and only expect to get back $3.90 for that loan. Thats just bad business and down right stupid. I can see the payday loan point of view for sure. If you borrow a $100 for two weeks and pay back $115, that seems okay to me.