There are many myths and rumors regarding payday loans (or quick loans as they are sometimes known). Because of some past issues with marketing and collections, the quick loan industry is viewed with some skepticism by many. But payday loans can help people who need a short-term loanto cover expenses or bills that may have cropped up unexpectedly. But it is important to know some of the key facts about payday loans. Here are a few you should know before you check out providers.
You must be employed to get a payday loan. Yes, a payday or quick loan is a way to get a quick cash advance, but you must have a regular income. Generally you must be able to show a minimum of $1000 a month. You must also be 18 years of age or older and reside in the U.S. Active military are also not generally eligible. Many lenders require that you have a bank or credit union account (either checking or savings).
You are not subject to a credit check with a payday loan. (…)
Claims that one in six payday loans users are only able to service the interest on their debts, leading to people “racking up” even more debt, have been challenged by industry expert and CEO of speedeloans.com, Gary Miller-Cheevers.
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