You probably think that payday loans are expensive and accrue high annual interest rates. Or, payday loans result to a „cycle of debt”. However, these are myths. Read this infographic showing the top 7 myths about payday loans.
The infographic illustrates a list of the most popular myths about payday loans that you should be aware of. Another myth is that massive payday loan fees lead to huge profits for lenders. Moreover, payday lenders tend to evade regulations. It is also important to know that payday loan customers cannot manage to pay back their loan on-time which is actually not true.
Reading this great infographic will inform you about the real facts about payday loans and help your financial planning.
Source: https://personalmoneystore.com/payday-loans/seven-myths-payday-loans-refuted/
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