Debunking Myths Surrounding Payday Loans Brampton

09/19/2020

There are plenty of fallacies that are aimed at bringing down payday loans and their lenders. Payday loans Brampton are not as suicidal as people have been made to believe. However, just like any other loan, being responsible and well educated about your loan is key. That said, here are common myths that surround payday loans.

Payday loans are for the poor.

According to statistics, the highest number of people who seek payday loans are the employed, middle-class lot with full time and well-paying jobs. They seek these loans to help sort emergencies that arise when they do not have any or enough cash at hand. Lenders require any borrower to provide an active bank account and proof of income before lending money. The sole purpose of payday loans is to sort out emergencies that occur in between pay checks.

Payday Loans Come with Hidden Fees

This is not only untrue; it is also illegal. The lending act requires all lenders to declare all their fees on their agreement openly. As such, there is only one flat figure that any lender should charge on their payday loans Brampton. However, your loan may attract additional fees if you fail to pay on time, but this information is included in the agreement. As such, always ensure to read the fine print of your loan agreement to ensure that you are well covered.

It is Cheaper to Pay Overdraft Fees

Payday loans Brampton comes with a one-time fee calculated on every 100 dollars that you borrow. On the other hand, overdraft fees range between 30-50 dollars per overdraft. Additionally, overdraft fees can be included in your transactions without notification. As such, payday loans are affordable for anyone who needs money they don't have and want to keep their bank statement clean from any overdrafts.

Payday loans Brampton are not designed to run you down on finances. Instead, they are meant to help you. While you should not make a habit, using them when you need to will not ruin your financial situation.

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