When times get tough, many people turn to the aid of payday loans to help cover their bills and get back on their feet. However, critics of this strategy sometimes make false claims that sound scary. Because these loans can be incredibly beneficial, it’s important to understand the truth about them. 

Debunking 3 Common Myths About Payday Loans

1. They’ll Ruin Your Finances

When people say payday loans will ruin your financial life, they’re typically referring to a cycle of debt in which new loans are used to pay older ones. While this can easily lead to a mountain of debt, a financially responsible individual can avoid such problems. Some people find that the loans actually improve their financial standing by providing a necessary cash flow until their next paycheck.  

2. Companies Hide Terms

Many people also believe that loan companies tend to hide terms and interest rates to trick consumers. However, this practice is illegal throughout the country, and doing so can put lenders out of business with just one infraction. Because the industry is so tightly regulated, lenders must display their terms in plain sight, so you’ll always know what the rates are.

3. There Are Better Options

While it’s true that consumers have a full suite of options at their disposal, payday loans might be ideal for many people. Credit cards and bank loans, though a good choice in some scenarios, are not an option for those who need immediate help or have poor credit. To obtain a payday loan, however, proof of employment is all that’s needed, rather than a credit history report.

 

When you fall behind on bills or are left with unexpected expenses, turn to the professionals at First Check Cash Advance. Based in Chillicothe, OH, this company offers payday loans and convenient check cashing services. They’ll even help you determine which option will be most helpful for your unique needs. To learn more about their services, give them a call today at (740) 779-9093 or visit their website.