5 Myths Busted: Ease Your Doubts About Bad Credit Payday Loans
October 26, 2021 | Daniel Dewitt
Bad credit payday loans come with a lot of myths, assumptions, and expectations that can cause a lot of damage to your financial literacy and stability. It’s important to debunk the most common myths so that you can properly understand the nature of payday loans and decide if one of these loans is right for you.
So, let us bust the five most popular myths about bad credit payday loans and offer you some advice on how to determine if a payday loan is a good fit for you. Keep reading to learn more.
5 Myths About Bad Credit Payday Loans Debunked
1. You Need A Good Credit Score To Be Eligible For Payday Loans
Many people assume that you must have good credit to be eligible for payday loans. Although good credit certainly can help you out, it is not necessary at many locations, such as Fast Payday Loans of Kentucky, LLC.
We, as well as some other vendors, welcome both credit: good and bad. If you have bad credit, don’t let it stop you from applying for bad credit payday loans. Just make sure you apply to a location that explicitly mentions that they welcome all credit types.
2. Bad Credit Payday Loans Are Only For Those Strapped For Cash
One of the most damaging myths associated with bad credit payday loans is that they are only for people strapped for cash. Because of this myth, too many people are too prideful to get a payday loan, even though it might help them out tremendously.
It is untrue, and no matter what your financial status maybe, a bad credit payday loan is an option for everyone. Don’t automatically discount bad credit payday loans just because of such stereotypes.
3. Bad Credit Payday Loans Always Have Insane Interest Rates
Many people assume that bad credit payday loans always have insane interest rates. Although this is true at some locations, it is not true of all. Many bad credit payday loan lenders offer completely fair and reasonable interest rates. It’s a matter of finding the good locations and avoiding the bad ones.
4. There Are Always Hidden Fees With Bad Credit Payday Loans
Much like the myth above, this myth is rooted in the fact that there are some lenders who try to make more money by sneaking in hidden fees. Luckily, there are many trustworthy lenders who refuse to sneak hidden fees into the fine print.
It’s important to select a trustworthy lender so you know that you are getting all of the information upfront. That way, you can make the most educated decision possible about the loan you are agreeing to.
5. You Can Only Get A Payday Loan In-Store
In the past, you could only get a loan by arriving at a store in person. Thanks to the Internet popularity, you can now begin the process of getting fast payday loans online. Simply by filling out our online form, you can start the communication process right now from home or wherever else you are.
Is A Payday Loan Right For Me?
After debunking the five most common myths about bad credit payday loans, you may be curious if this is a viable loan option for you. Even though payday loans help many people, it isn’t right for everyone. It depends entirely on your situation and needs for a loan.
Since your individual situation determines whether or not a payday loan is right for you, there are a lot of factors you need to consider and questions to ask yourself.
For example, it’s important to note that payday loans must be paid back by your next pay period. Because of this fact, payday loans are an option if you are simply short on cash that day but know you will have the cash to pay back the loan by your next paycheck.
Something else to consider is that payday loans at Fast Payday Loans of Kentucky, LLC can only be between $100 and $500. If you need a loan amount that exceeds the maximum, you should consider other loans instead.
Get Your Payday Loan At Fast Payday Loans Of Kentucky, LLC.!
Debunking common myths about bad credit payday loans is the first step to gaining financial freedom and literacy. As you can see, there are tons of myths floating around regarding bad credit payday loans. Now, you are more educated about the loan type and able to decide if a payday loan is right for you.
If you have any more questions about bad credit payday loans, feel free to call Fast Payday Loans of Kentucky, LLC. We would be more than happy to answer any of your questions and help you decide if bad credit payday loans are an option for you.