Misconceptions about Payday Loans

Published on November 12th, 2017

Interest Rates are Extremely High

The interest rates for Short Term Loans can be perceived as high. However, if you can search around and compare lenders then you will likely be able to find a loan with a feasible interest rate. The only time the rates should be an issue is if you do not pay back the loan on time.

All Lenders are The Same

Unfortunately, there are fraudulent companies who know you are desperate for money and will try to take what they can from you instead of help you. If you find a lender with a low-interest rate, you should not assume the lender is safe. Make sure you are working with a lender who is reputable and trustworthy so you do not wind up in a hopeless financial situation! If the lender has physical locations, easily accessible customer service, and a secure website, then you can likely trust who you are borrowing from.

Payday Loans are Just for People Who Hastily Need Money

Payday loans are not just for those struggling financially. Many people with steady jobs decide to take out a payday loan for a variety of reasons. For example, if an unexpected expense arises and they do not want to place it on their card.

If you have any questions about payday loans or the loan process, call Short Term Loans at 1-888-556-2722. We know you can’t plan for everything, so when unexpected expenses come up we are here to help!


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