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Misconceptions Regarding Payday Loans Clarified by Personal Cash Advance

by Jim ONeil on January 9, 2011

in Payday Loans News

Reports indicate that consumer spending has recently increased, perhaps due to a more positive retail season than expected. During and after the winter holidays, more people tend to need quick cash. On its Web site, Personal Cash Advance posted information addressing common misconceptions about payday loans.

The interest rate is the first item addressed in the section. Payday loan interest rates are often more reasonable than the rates offered by credit cards. Cash advances like payday loans feature a shorter repayment time, allowing borrowers to avoid costly credit card financing cycles. Since a payday loan has a shorter time period within which to accrue interest, fees are lower.

Though several factors are taken into consideration when approving payday loans, credit checks are not included. This makes it easier for some individuals to obtain a payday loan than a traditional loan from a bank. Each payday loan borrower needs an active bank account and consistent income, refuting the notion that socially or economically disadvantaged individuals are preyed upon by lenders.

Online lending may cause concerns for some, from a security or safety perspective. The best sites take extra precautions to protect applicant and borrower personal information. Loan funding is provided

via direct deposit into a bank account, resulting in a fast and safe process. Web sites are secure and often feature encryption for an additional level of safety.

Getting an online payday loan is more convenient for some people than paying a visit to a traditional store that offers these loans. Consumers can apply for funding from reputable lenders online in a format that is secure. An approval decision is made quickly and the money is deposited directly into the borrower’s account in a timely manner. The goal of online payday lenders is to make it easy and fast for site visitors to receive cash advances.


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