Myth 2: Payday Loans have Ridiculously High Interest Rates.

The second payday loan myth is that the interest rates accompanying these loans is significantly inflated. In truth, these interest rates aren't as bad as they are made out to be, and because the payday loan is intended to be repaid rather quickly, the duration of time the interest rates will be accumulating should be rather short.

Payday loans are issued knowing that the customer simply needs a cash advance, and as soon as the payday loan company is shown verification of the customer's pay check and repaid, the transaction will be complete. The interest rate myth is debunked because these loans are not intended to be prolonged more than necessary and thus shouldn't amount to a total that should dissuade people from getting a payday loan.

Myth 3: Payday Loans are a 'Last Resort' >>