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Payday Loans: Fact or Fiction?
The Truth About Payday Loans.
DiscountAdvances prides itself on giving our customers high quality service and the lowest rates possible on our payday loans. These days, it seems like there is a lot of confusion regarding payday lending and payday loans. Every day, customers come to us with questions like: Are all payday lenders predatory? Can I apply for a payday loan if I have bad credit? Do I have to give you a lot of personal information just to get a payday loan?
Because of our commitment to ensuring that our customers are well informed on payday lending before they apply for payday loans with our company, DiscountAdvances has put together this quick “payday loans: fact or fiction? reference guide for all of our valued customers. Please take a second to review this guide before applying for a payday loan with DiscountAdvances; and if you still have questions regarding our payday loans, please do not hesitate to call our friendly customer service representatives at (800) 446-8482 or visit our payday loan FAQ page.
Payday Loans: Fact or Fiction?
Payday loans have high interest rates/fees.
Fiction! Payday loan interest rates and fees vary, depending on what company you research. However, you won’t have to look very far for a low payday loan interest rate! DiscountAdvances.com has one of the lowest payday loan interest rates in the business. Our new customers even enjoy 25% off their initial fees…just for becoming a customer of DiscountAdvances. That is $13.13 per $100 (APR) borrowed!
Applying for an online payday loan is secure.
Fact! Remember that not all payday loan companies have the same security policies, but if you apply with DiscountAdvances.com you can rest assured that your personal information will be kept secure. DiscountAdvances employs stringent security safeguards to ensure that all of our payday loan customers’ account information stays private and confidential. Please visit our payday loan customer privacy policy for more information.
Customers have to wait until the next day to get their payday loan.
Fiction! Thanks to our partnership with MoneyGram, DiscountAdvances' payday loan customers can get their payday loan within minutes. All you have to do is simply fill out the payday loan application and check the MoneyGram option. Then, after a quick approval process3, your payday loan will be available for pickup at a MoneyGram location within minutes.
A customer cannot have more than one payday loan at a time
Fact! While other payday lenders might allow you to have more than one open payday loan with their companies, DiscountAdvances helps protect our customers by allowing only one payday loan at a time. Once you have successfully closed your payday loan with DiscountAdvances, you may open another loan after we process and clear your last payment. This usually takes four banking days.
Payday loan companies are predatory
Fiction! Recently, there have been a lot of stories in the media regarding the payday lending industry and predatory lending practices. Remember that not all payday loan companies are the same. With a payday loan from DiscountAdvances, you can rest assured that we are keeping your best interests in mind when you borrow from us. DiscountAdvances prides itself on our excellent customer service, low payday loan interest rates, and a general concern for the well being of our valued customers. Our customers are the reason for our existence as a company after all!
You must have good credit to apply for a payday loan
Fiction! DiscountAdvances runs a check of Teletrack and Clarity databases2, which are credit reporting agencies used by payday lenders and others, to see that you have no unpaid payday loans. We loan to customers from all different credit backgrounds, and just because you have had some bad luck with your credit in the past, you should not hesitate to apply for a payday loan with us! We understand that credit mishaps happen and we will not penalize you for any past mistakes involving your credit history.
A lot of personal information is needed to get a payday loan
Fiction! Unlike banks, payday lenders do not require a ton of paperwork to apply for and get approved for a payday loan. DiscountAdvances requires that all of our customers are at least 18 years of age, make at least $1000 per month in payday or fixed income deposits, and have a checking account that has been open and active for at least 90 days. Meet these qualifications and fill out a short application, and once you are approved3, you can be on your way, with a no hassle payday loan from DiscountAdvances.
You can get approved for a payday loan in a few hours
Fact! Payday loans are a quick and easy way to get cash when you get into a bind. With a payday loan, it is not necessary to fill out a ton of paper work to apply, and the approval process can be completed in a very short time. Most DiscountAdvances customers are eligible for no faxing when applying for their payday loans3, thus eliminating the most time consuming aspect of the payday loan application. Don’t believe us? Try applying for a payday loan with DiscountAdvances today, and find out for yourself just how easy the application process can be!
