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Payday Advance: Fact vs. Myth

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Payday Advance: Fact vs. Myth

When you’re looking for a payday advance, you might run across a lot of conflicting information. Payday loans, or cash advances, are a type of short term loan. They exist to help you get the cash you need now. To help further solidify what a payday loan is, let’s look at a few common misconceptions and myths that have perpetuated the internet.

Myth: Payday Loans and Cash Advances are Bad

Fact: Loans are not bad, no matter the type. We believe that this myth might have come from the fact that payday loans are high cost when compared to a loan like a mortgage or a car loan. While it’s true they cost more than long term loans, the amount borrowed is much smaller and for a much shorter amount of time.

These loans are meant for people who need money to pay for an emergency or another unexpected bill. If something is meant to ensure you can pay your bills, how would that same thing also be bad?

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Myth: You Can’t Get a Payday Advance With Bad Credit

Fact: Totally, untrue! It doesn’t matter what type of credit you have. When you fill out the loan application, they will ask for many types of qualifying requirements. You might have bad credit but a high income. On the other hand, you might have a low income but child support or regular government payment. Many factors can determine if you will make it through the application process.

Myth: You Don’t Need Anything to Get a Loan

Fact: While you don’t need a ton of information to get a loan, there are a few things that you’ll need to be approved. For example, you’ll need a bank account that’s been open for a number of years. In addition to that, you will also need your payment information, address, and social security number.

While this seems like a lot of information, it will help to ensure you get the best loan agreement based on your credit score and other personal information. Without this, you could get no loan or a loan much worse that you deserve.

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Myth: It Takes Forever to Get a Loan

Fact: Maybe - it depends on who you use! Getting a payday advance could take two or three days if you choose the slow route. On the other hand, groups like iCASH can process your loan in less than an hour from the time you download the app. It all boils down to the company you choose.

Payday Advances with iCASH

If you’re looking to get an online payday loan with a great interest rate in no time, the iCASH is the answer. We’ll take your information and do what we can to get you what you need at a rate and payback system you can afford. Check it out today!

Ramona Glanville

Ramona has been a regular contributor to some of Canada's top wealth-management editorials for over 30 years. She strongly believes in good saving habits, reducing financial clutter, and red wine.