Online Money Loans: Common Myths Dispelled
There is a very sensible reason why accurate information regarding payday loans that you can get online is such a rare commodity these days
. It's simple, and that is that there are no uniform set federal government guidelines for all sites in all states to follow. So what this means is that each state in the US is free to govern sites as they will, and they do. Then to add to the confusion, is that there are so many sites now, and each one has its own company policies.So is there any wonder why there's so much conflicting information floating around the Internet regarding these types of loans? Misinformation that can have you wondering whether you will even qualify and how much money you can even borrow when you do. Then the worst of them all, are the myths that in all too many cases can have people convinced that they will be refused before they even apply. So then what are some of the more common of them?
For sure tops on the list has to be one that refuses to die out that has people believing that virtually any and all fast cash payday loan type sites lend you up to $1500 if you qualify. It's just not true because for one thing there are just so many sites now, and each one has its own limits and standards with regards to the loans that they issue. Then there's one more thing. That is that some states in the US are now starting to limit how much they will allow their citizens to borrow.
Then another very popular piece of misinformation can have you believing that you absolutely must have a checking account before you can qualify at one of these lending venues. It's simply not true. This rumor stems from the fact that community-based payday lenders who are not operating on the Internet do require the borrowers leave a post dated check. However, today most sites only require a savings account, and some are now even willing to wire borrowers the money.
Then one more rumor that's been frightening too many people away who could really use the money, is that a person can be criminally prosecuted if they fail to pay off an online loan. If they default. Nothing could be further from the truth here because lines of credit like this, and that of course includes online loans are simple contractual matters. If they're contested they're handled in civil court. So no, you cannot go to jail for defaulting on a payday loan.
What you don't want to lose track of here, is that with so many sites out there offering so many different types of loan packages, it's inevitable that even more changes are going to occur as time goes on. Then also state lawmakers around the country, and in the UK are continuing to push for more changes in laws and regulations as well. In the end though, the bottom line here, is that if you have a verifiable source of income that's at least $250 per week, odds are you qualify.
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