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1800 2 Payday Loans : 8 Payday Loans Myths Debunked

1800 2 Payday Loans : 8 Payday Loans Myths Debunked
Payday loan sector is inarguably one of the fastest growing in the industry. While it’s making headlines - and saving many from financial troubles, payday loans are not without controversy. As is expected with any other loan type, payday loans hoard a plethora of myths that are poised to be debunked. From its questionable ethics to absurd customer service and everything in between, payday loan industry has attracted a raft of criticism.
But here is the thing that most financial pundits and potential customers don’t get: principles behind payday loans are fairly straightforward. That is why I have sampled top eight myths of payday loans. Without further dilly-dallying, here are 8 top payday loans myths debunked.

 1800 payday loans
  1. All Payday Loan Companies Operate as Loan Sharks

That is balderdash. While there are shoddy, fly-by-night companies that threaten to ruin it for everyone, there are bespoke cash advance firms that have genuine intent - to offer paycheck loan to customers in emergency financial need.

  1. Payday Loans are Immoral

Payday loan forums are awash of claims that cash advance lenders are immoral and unethical. That is not only unfounded but also far-fetched. Some say that they are taking money from an already impoverished lot. Well, that isn’t the objective of payday loans. 1800 2 Payday loans may be the last resort in genuine financial trouble.

  1. Comes with Hidden Charges

Payday loan lenders don’t add any hidden charges to your account. Providers like 1800 2 Payday just charge clients what they owe. Ethical practices make sure that customers only pay back fees and interest that are related to their accounts. Nothing else.

  1. Employees are Trained to Bait Customers

Employees at payday loan lenders are trained to offer you industry's best services. They aren't wired to set hooks for you. Unlike unfounded claims that they are prepared to set baits for you, they boast of excellent customer services. To them, customer satisfaction is a priority.

  1. Lenders Don't Follow OFT Rules

All cash advance lenders operate in agreement with Responsible Lending policy regarding customer selection criteria.

  1. They use Unfair Collection Techniques

All lenders are obliged to handle past-due accounts in a fair, lawful, and professional manner. Some companies engage the services of a collection agency when all avenues have been exhausted.

  1. Advance Cash Loan Companies Trap Customers in “Vicious Cycles of Debt.”

Although the aforementioned phrase has been thrown around by many critics, recent studies have shown that over 70% of customers take payday loans less than thrice in a year.

  1. Lenders have Impolite Employees

Right from the outset, these companies compete on many aspects that call for a compelling customer service. Needless to say, rudeness is counterproductive in upping customer experience. In fact, 1800 2 Payday loans are at the forefront of customer satisfaction.

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Representative APR 391%. Average APR for this type of loans is 391%. Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

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