online payday loans

Payday Loan Facts vs. Fiction

Cash Advance Facts  •  Facts vs. Fiction  •  Consumer Info

Want the truth about payday loans and cash advances? There are plenty of myths about payday advance services, so we have put together a list of the more common misconceptions about this service. You may also take a look at our FAQ Page for more information on payday loans, cash advances and fast cash loans.
FICTION:  They charge outrageous rates.
FACT:       Payday advance fees typically cost less than customers' alternatives.
• Bank/merchant fees on one bounced check can cost three times that of a $100 advance.
• Payday advance APRs are often lower than customers' alternatives (on the same 2-week term).
• $100 payday advance with $15 fee = 391% APR.
• $100 bounced check with $48 NSF/ merchant
• Fees = 1,251% APR
• $100 credit card balance with $26 late fee = 678% APR
• $100 utility bill with $50 late/reconnect fees = 1,304% APR.
 FICTION:  They put customers into a cycle of debt.
 FACT:       Most customers use payday advance responsibly and moderately.
 • It's a closed- end, short- term transaction with a one- time flat fee. No revolving debt and no additional fees or accruing interest if   not paid when due.
 • 66% use payday advance to cover unexpected expenses or a temporary reduction in income.
 • 34% use it for planned expenses or other discretionary uses.
 • 60% either did not renew in the last year or renewed only 1-4 times.
 • Research and regulators confirm more than 70% use the service about once a month or less.
 • The Credit Research Center national survey reports 78% use 14 or fewer times annually.
 • Wisconsin Dept. of Financial Institutions reports 71% use 15 or fewer times.
 • North Carolina Commissioner of Banks reports 73% use once a month or less.
 FICTION:  They take advantage of unsuspecting customers.
 FACT:       Payday advance customers make informed decisions and receive consumer protections under law.
 • Millions choose payday advance as a dignified, discreet solution for temporary cash flow problems without asking family for money   or pawning personal items.
 • 70% choose payday advance for reasons of convenience (quick, easy process & fast approval).
 • 96% are aware of the finance charge & 78% recalled it being disclosed as an APR.
 • 92% believe payday advance is a useful service, only 12% were dissatisfied with last advance
 • 33 states and D.C. provide balanced, responsible regulation of payday advance companies.

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