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Payday loans, cash advances and other form of non-bank loans are often vilified and condemned by politicians, on one hand, and deemed dangerous and highly disadvantageous by activists. But a new report published by leading payday loan provider Payday Loans Online G identifies many dubious claims and arguments surrounding the real costs of these loans.Commenting on the report findings, representative of Payday Loans Online G said: “Most attacks on these short-term loans subscribe to the devastating myth of the high annual percentage rate that goes as high as 400%, but that’s not the right way to assess payday loans – it’s like comparing apples and oranges”.
According to the “400% APR” myth, borrowers would indeed pay up to 420% in interest rates, provided that they take out a short-term loan once every two weeks, for a whole year, but the report illustrates that the average borrower will take out just one payday loan per year, paying it back within the standard two-week period. “This method of calculating interest rates for payday loans is obviously flawed”, continues spokesperson for the company, “since law-abiding lenders will take out these loans for a much shorter period”.
In the report, Payday Loans Online G tries to debunk other myths as well, proving the falsity of the “never-ending debt trap” and the theory according to which payday lenders take advantage of the underprivileged and exploit them heartlessly. “Borrowers who resort to payday lenders are not the imagined victims politicians picture them. The average borrower is not the poor, old, uneducated, underprivileged person lenders can exploit and take advantage of - they’re simply individuals looking for fast and reliable payday loans online.”
In addition to providing useful information and up-to date resources regarding short-term loans, Payday Loans Online G also matches customers to all the top, most reliable payday lenders that offer advantageous terms & conditions and instant approval for all loans.
About Payday Loans Online G
Payday Loans Online G enables customers to apply online for fast and reliable payday loans and get approval within minutes of submitting their application. The application process is secure and confidential, and applicants are not required to submit additional documents, making Payday Loans Online G a trusted provider of reliable payday loans.
Contact Info:
Name: Artemon Virdikson
Email: Send Email
Organization: Payday Loans Online G
Address: 2855 Echo Lane , Grand Rapids, MI 49503 , United States
Phone: 269-841-8052
Website: http://paydayloansonlineg.com/
Release ID: 6687
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