This infographic showcases 7 myths about payday loans you should be aware of. These myths are related to the value of payday loans. First myth, payday loans are expensive and accrue high annual interest rates. Moreover, they are result yo a „cycle of debt”.
Next, payday lenders target poor consumers, senior citizens, and minorities. Massive payday loan fees lead to huge profits for lenders. Also, payday lenders tend to evade regulations. Another myth is that payday loan customers cannot manage to pay back their loan on-time. According to the myth #7, payday lending fees are deceptive.
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