We dismantle the false myths of fast payday loans

We dismantle the false myths of fast payday loans

The emergence of fast payday loans, for some years, has aroused all kinds of passions. First, a growing demand, as they are one of the most successful products in the recent financial market. On the other hand, several myths have circulated, that if they are more expensive than in a bank, that if they can make money from your account or card, or that the entities that offer them are not reliable. Let’s examine them and disassemble them one by one.

Quick loans are no more expensive

It is a fact that online loans are not more expensive, especially if they are used with measure and return deadlines are met. As with any bank loan, certain situations, such as late payment, involve an additional cost. However, the interests associated with quick loans are competitive and even, if not better, equal to their “traditional” equivalents.

We know that online loans have fewer fees because it is easier to maintain a website than a bank branch. In some cases, fast payday loans can be obtained online without interest, at 0%, totally free, and immediate grant.

Quick loans are not a hoax and nobody takes money from your account

Sending a quick loan application to an entity implies that it can be accepted, as usual, or denied, if any of the requirements is doubtful or information is missing, among other reasons. This does not mean they are a hoax. Normally online loans are more flexible than other loans.

If you are granted a loan, there are several ways to return it, depending on the entity, but be sure that your bank details are in good hands and will not be used for fraudulent purposes. These entities will present a loan agreement with specific conditions, and it is highly recommended to read it, as you would in a bank, to make sure what you are signing.

The money to be returned to the entity is clear from the first moment and the same with the term. All expenses are collected, and it is your responsibility to know and remember so that delays do not occur.

Entities that offer fast payday loans are not reliable

It’s false. Online entities are under the law depending on the type they are: some have a bank license and others are supervised by the Bank. They are entities registered in the corresponding government bodies and cannot act for free. All this, in addition to the usual consumer protection laws and personal data protection regulations.

There are entities such as the Association of Micro Loans, which protects users and ensures the proper functioning of these types of entities, and many web pages for user verification, opinions, and history so that you as a customer have Transparent information at your fingertips.

Bernardo Kramer

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