Do you need fast cash but are afraid of getting payday loans online because of things you’ve heard? As with most rumors and gossip, what you’ve heard about payday loans aren’t true or were misconstrued. It’s a good idea to do a bit of research about payday loans online to get the real facts about them. This is the only way you’ll be able to see if a cash advance would be right for you. The following are the most common misconceptions regarding payday loans online.

Payday Loans Are Only for Consumers with Bad Credit — FALSE

Payday loans were designed with a minimum of requirements to qualify in order to make them accessible to as many people as possible. Although people with bad credit can obtain a payday loan, it isn’t only for them. No matter what your credit score is, you can apply for a cash advance and likely receive one. As long as you meet other requirements, you will be able to get the cash you need quickly. People from all walks of life, and all credit histories, need emergency cash sometimes.

Your Interest Rate Is Based on Your Credit Score — FALSE

This misconception scares off people with a poor credit history, because they’re afraid of being charged extra high rates for a payday loan. There is no credit check required for payday loans online, so your credit rating has nothing to do with the interest rate that you receive. Each lender has their own set of fees and interest rates. Because a lender will never check your credit score, there is simply no way it could affect how much the interest rate on your loan will be.

Payday Loans Online Have Hidden Fees – FALSE

The Truth in Lending Act prohibits this practice. The lenders in the network of Payday Central abide by these laws and always disclose all rates and fees to loan applicants upfront. When you apply for a cash advance, you will need to read the agreement of the lender to see their terms, fees and interest rates. It is important to read this thoroughly before e-signing. It is always free to apply and you are under no application to take out a loan just because you wanted to see the potential terms. It’s a no-pressure situation.

Too Many Paperwork Hassles – FALSE

Unlike physical locations that offer payday advances, there is no extensive paperwork that needs to be filled out. At Payday Central, the application process is fast and easy. Other sites require you to fax in copies of your paystubs, but this is not required with us. Everything is done virtually through our site, without the need for a fax machine. The entire process takes only a few minutes, allowing you to get instant approval quicker.

The misconceptions that surround payday loans online have scared away borrowers who could have benefited from their services. Anytime you need to get a cash advance for an emergency expense or debt, come to Payday Central for fast access to the funds you need. You will find the process of getting payday loans online to be stress-free, simple and fast.