Demystify Myths about Payday Loans in 2021

By: Branden S.

Demystify Myths about Payday Loans in 2021

Today I’m going to be discussing some of the most demystify myths about payday loans in 2021.

Because, when most hear of the term payday loan, there’s usually a certain ring that comes to it, and the word – loan, in general, has so many individuals in doubt always, as to whether or not it is really what taking.

And today, we are going to break down each of these myths to help you to better understand how valuable payday loan can be for you in 2021.

Let’s dive right in!

Demystify Myths about Payday Loans that You Should Know About


It is obviously no news that the term payday loan has a certain ring to it.

The term loan also has a lot of people thinking:

They take back way more than they actually give. They are a bad spending habit, take loans and be buried in debt…

And a myriad of other thoughts that are definitely not in favour of payday loans.

But what if I told you that all these are just mere myths?

Myths to keep you confined to your income…

Payday loans are solely and entirely in your best interest. They’re there in cases of emergencies not to keep you in debt.

The Covid-19 pandemic was a sudden wave of a virus we had never experienced before. It caught a lot of people off guard, shut down a lot of businesses, and strained a lot of people’s income.

People were locked at home during the lockdown, away from their sources of livelihood for unending months; people lost their businesses that were doing just fine, not because of their incompetence, but because of a pandemic completely out if their control.

During these times, payday loans were a breath of fresh air, they desperately needed salvation.

 There are so many myths about payday loans; but they are all basically loan sharks – they are just in to bankrupt you, ruthless with their recovery, and so much more…

In the south-south region of Nigeria, the people suffer an annual flood every October that is caused by the release of water from Lake Chad and the rainy season combined.

Many times, the weight and intensity of this flood cannot be predicted.

People can’t just leave their homes every October without being sure that the flood will get to them that year.

On another hand, they can’t just sit and wait to be submerged in water. Either ways, it is a whole lot of uncertainties and no one is ever fully prepared mentally and financially.

Getting a new place on such short notice requires a lot of money. This is a problem that could easily be solved with a payday loan. Payday loans are here to make your life a lot more comfortable. It can be accessed at any time by any adult and is the best option for emergencies.

It can serve as one of the best solutions for your financial trouble!

Payday loans provide a solution to people with very low income earning and on such short notice – in 24 hours, your needs could be met without stress, no collateral and no much background check, all you really need is an honest and reliable heart and self-discipline to refund at proposed times.

Payday loans have too many advantages for you to explore, too many that make it hard to ignore:

#1: They are easy to access

Payday loans are easily accessible.

As a matter of fact, many lenders are able to provide the cash for the borrower within twenty-four hours (24 hours). Payday loaners are mostly available 24hours a day, seven (7) days a week.

Very unlike the usual loans we’re used to that takes forever to apply for, payday loans can take just five minutes to apply for depending on the amount applied for and your general and regular source of income, there is almost no minimum to the amount you can apply for as payday loans understand the need for emergencies in the household and so forth.

#2: Fewer requirements

Payday loans in Las Vegas require a whole less thing to apply – much unlike the traditional loans we prefer.

Local loans require a whole lot of things like your proof of income, social security number, photo ID and probably run a background check to be completely sure you can pay back the loan you’re about to take.

Generally, all you need or require to apply for a payday loan are: to be at least eighteen (18) years old, have a regular source of income, not necessarily a job but regular, a government issued ID card or social security number and an active bank account.

Demystify Myths about Payday Loans that You Should Know About

#3: Payday loans are less strict

When applying for a payday loan, the lenders do not check your credit history. But when applying for a traditional loan, the strictness of their background check could even discourage the individual subjected to such scrutiny and even when the individual subjects themselves to such scrutiny, there is a possibility they might not actually get their requested loans.

Basically, it doesn’t even matter if you have a bad credit history, they won’t check it.

#4: No collateral

If you thought this could not get any better, I’m about to disappoint you in the best way possible…

Payday loans to do not require collateral to be solid!

Many people call it an unsecured loan but I’d like to think it’s a bonus on the part of the borrower. With payday loans, you don’t have to worry about loan sharks or collateral damage. It is easy and in your best interest.

Now I’d Love to Hear from You:

  • What are some myths you’ve heard about payday loans and loans in general?
  • What actually got you really interested to take up your first payday loan?

Either way, let me know by leaving a comment below!

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