The Facts About Getting a Loan Until Payday
There are many misconceptions about taking a loan until payday. It’s true that if you can’t afford something, you probably shouldn’t buy it. This is common sense. The misconceptions about payday loans come from the misguided belief that people are taking out a loan until payday to buy unnecessary, luxury items. There are other misconceptions, as well.
Misconception #1: Companies that Offer a Loan until Payday Target the Working Poor
The benefit we offer to individuals of limited means is the ability to borrow small amounts of much needed emergency cash in the form of a loan until payday that they can repay automatically when they receive their paycheck. This can keep a car working or buy a public transportation pass that allow someone to get to and from work safely, and keep them from losing power or paying high reconnection fees in the event of a past-due utility bill.
Misconception #2: Taking a Loan until Payday is Far Too Expensive
GreenPayday is in the business of helping our customers find ways to save money in an unstable economy. When an individual is faced with hundreds of dollars in penalties for failing to pay a bill by a certain date, a loan until payday may be the best course of action. For instance, if the light bill is due on Wednesday, and payday isn’t until Friday, is it better to wait until Friday when a new deposit or reconnection fee will add several hundred dollars to the bill? Or is it more economically prudent to pay the bill in full on Wednesday and pay a much smaller amount in loan fees on Friday?
Misconception #3: All Payday Loan Businesses are Scams
The truth is that local governments regulate how payday loan businesses operate. State laws govern how much interest can be charged for a loan until payday, as well as regulating the fee structures and frequency with which an individual can be granted a payday loan.
Are there businesses out there posing as payday loan companies, operating illegally? Yes, there are. That’s why choosing to obtain your loan until payday through GreenPayday is so important. Legitimate payday loan companies are regulated and count on repeat business to succeed. We have a network of payday loan providers that can help you with an emergency loan until payday.
Misconception #4: Borrowing From a Bank is Easier and Safer
Borrowing from a bank can mean waiting for days or weeks for your money. Certainly, planned purchases that cost a significant amount need to be paid for over time. That’s not what a loan until payday is designed to do. Taking a loan until payday for an emergency expense is a safe, reliable way to make ends meet, and keep a family’s head above water when they need it most.