5 Payday Loan Myths You Need To Know

You have probably heard about payday loans, either through commercials or social media. Unfortunately, there are a lot of incorrect myths about payday loans that paint a negative picture. The truth is that payday loans can help borrowers who need emergency cash today for financial emergencies.

In this guide from Cash Cow in Louisiana, we will debunk some popular myths about payday loans. We will also explain how you can get a payday loan near me to afford urgent costs.

Debunking Five Popular Payday Loan Myths

A payday loan is one of the urgent loans for bad credit that can help you during a financial crisis. There are some negative ideas about payday loans, but some of these myths are untrue. Below, we will outline the inaccuracies of payday loan myths to provide accurate information before deciding whether to borrow money or not.

The following are five myths about payday loans:

1. Payday Loans Have Hidden Fees

Many people assume that payday loan companies charge hidden fees without notifying the borrower. While there are predatory loan companies, most lenders will make sure you understand any fees associated with payday loans before you sign the paperwork.

It’s essential to ensure you’re dealing with a licensed professional before signing any papers. You’ll be able to avoid any hidden fees and any predatory practices.

Thankfully, there are a few easy ways to check whether the lender deserves your trust:

• Make sure that the lender is licensed: The business must be licensed in the state where you’re planning on taking out the loan. They should have any license information displayed on their website.
• Find some reviews: Search for reviews on third-party websites, like Trustpilot or Google. If there are a few negative comments – that’s completely normal. However, if most borrowers are frustrated with their service, avoiding working with them is best.
• Make sure the lender’s website is secure: The website should start with an ‘https’ and have a lock icon next to the address. If the site lacks these, that does not necessarily mean that the company is a scam. However, it may be best to work with a loan lender with a more secure website.
• Transparent loan terms: A reputable loan lender will display their loan terms, including loan amounts, requirements, and fees. If they fail to disclose that information, either on their website or during an introductory phone call, you should find another lender.

2. You Cannot Get Payday Loans With Bad Credit

You may worry that a loan representative will check your credit and deny you approval based on a poor credit score. That is not the case, as payday loans are urgent loans for bad credit that you can get today.

At Cash Cow in Louisiana, we will not deny a borrower based on their credit score. It is a short-term loan, and we don't require a credit check. You also don’t have to worry about your credit score plummeting when you borrow our online payday loans. We do not report our loans to the major credit bureaus, so your credit score will remain unaffected.

3. Anyone Can Get A Payday Loan

Though the requirements to qualify for a payday loan are not as strict as those for some other lending options, not everyone will get approved. If a lender is telling you that 100% of the clients get qualified, it should definitely be viewed as a red flag.

Here are the required items you’ll need to qualify:

• A photo ID (driver’s license or state-issued ID card)
• A blank check from an active checking account
• Proof of income (your most recent pay stub)

You should also be at least 18 years of age to take out a loan. Some lenders would be willing to consider other documents that show your income. However, if you fail to prove that you would be able to repay the amount, your loan request will most likely be denied.

4. The Payday Loan Approval Process Takes A Long Time

As we have already mentioned, you won’t need to gather tons of documents to take out a payday loan. The best part is that you might already have all the items on you.

Another great thing is that you wouldn’t have to spend days waiting for the lender’s decision. In a lot of cases, you will find out whether or not you qualify for approval very quickly and you might get your hands on the cash as soon as the same day.

The payday loan approval process only takes a few easy steps:

• Fill out our online contact form
• Discuss Louisiana payday loan terms with a representative over the phone
• Bring your required items to a Cash Cow store location
• Allow a loan agent to verify your required items
• Finalize the process by filling out paperwork
• Receive your rapid cash the same day or the next bank business day

5. It’s Impossible To Repay A Payday Loan On Time

Repaying any type of loan on time is extremely important. If you understand that you won’t be able to do that, it’s better to avoid such lending options altogether.

Some clients might find it difficult to continue making payments for a prolonged period of time. With mortgages or car loans, you would typically have to pay a certain amount every single month for years. Anything can happen during this time. Furthermore, you might be feeling constant stress because of this additional financial burden.

Payday loans work differently. Just as the name suggests, it is a short-term loan that can be repaid with your next paycheck. The due date is usually about 2-4 weeks from the date the loan was made. Simply make sure that you’ve included this payment into your budget and take care of the loan in one payment.

Why Choose Cash Cow In Louisiana For Payday Loans

Are you looking for a payday loan near me? If you live in Louisiana and are considering taking out a payday loan, Cash Cow has got you covered! We allow borrowers to start the process online, get approved in less than 30 minutes, and receive quick access to cash to fund their financial emergency.

Here are a few reasons why you might want to choose us:

• You can qualify for anywhere between $100 and $300: If you have a steady income and can show proof that you can repay, you can get approved for up to $300 (a great amount for urgent expenses). The funds will be transferred directly to your bank account, which is extra convenient.
• We have been in the loan industry for over 30 years: Our friendly store associates will always treat you with the respect that you deserve. Their main aim is to help you get access to the funds that you need in the shortest timeframe, and they would be happy to guide you through every step of the process.
• We have over 40 locations across Louisiana: A payday loan near me might be just a short ride away from your house. This means that you might manage to get the money you need sooner than you have expected.

Get A Payday Loan In Louisiana – Borrow Up To $300 Today!

Don’t let the myths of payday loans stop you from getting the financial relief you need. Cash Cow allows borrowers to get same-day payday loans for financial emergencies, allowing them to receive rapid cash to afford their urgent expenses. Contact us today for financial help by filling out our online form or calling us to discuss the payday loan process.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.