A sneak peek into the 5 most common same day loans myths

In all honesty, there is nothing as liberating as the thought of getting advance cash within the same day. With uncertainties of life and the fact that emergencies crop up at any minute, the assurance that you can get access to credit within a couple of hours is quite assuring if not the best thing that happened since the dawn of civilisation. It is, in no uncertain terms, a great feeling. That said, in spite of the many advantages of same day loans, there are still a number of myths associated with them which have, stubbornly so, refused to go away. Let take a look at some of the common same day loan myths. Shall we?

Myth 1: same day loan lenders are “loan sharks”

Mention the word “loan shark” and it is bound to invoke fear in borrowers. Loan sharks are known not to have the interests of their customers in heart but are simply concerned with extortion and enriching themselves. Well, while there are indeed a number of uncouth and unscrupulous same day loan lenders in the market, the assumption that all of them are unscrupulous and extortionists is simply out of context. There are indeed reliable and trustworthy same day loan lenders keen on assisting customers and giving them the best deals.

Myth 2: same day loans will worsen your debt situation

No doubt, if you have imprudent financial management, any loan is bound to worsen your debt situation. If you are not careful, you will definitely find yourself in a debt rut. That said, the assumption that same day loans will ultimately put you in a cycle of debt is fallacious so to speak. According to a study carried out in the UK, approximately 70% of the citizens in the UK apply for a same day loan once in a year. If it is really true that same day loans put borrowers into a cycle of debt, wouldn’t a substantial number of people be utilising this form of accessing credit more than once?

Myth 3: Same day loan lenders target individuals in bad financial shape

Proponents of this argument have indeed given same day loans a bad reputation. They argue that same day loan lenders target individuals in critical financial situation who are bound to default and therefore enrich themselves through penalties and high interest fees. Well, this assumption is not entirely true as same day loans are advertised to individuals of all classes. In addition to that, one of the requirements before one can be approved for a same day loan is that a person needs to be in a steady job.

Myth 4: same day loan lenders harass and bully borrowers when they default

Well, in order for this statement to hold water, we need to understand the meaning of the word “bully” or “harass”. If bullying means collecting what is due to a lender in a professional, lawful and respectful manner, then perhaps one needs to revisit their idea of bullying. Majority of same day loan lenders except the unscrupulous ones ascribe to the highest ideals of ethical conduct and best business practices. In fact, most try to work out something to reflect the current financial situation if a person is going through financial difficulties.

Myth 5: same day loan lenders charge extremely high interest rates

To a greater extent, there is some truth in this considering that same day loan lenders shoulder a great risk considering that there is no collateral to fall back on. However, the onus is on you to do your research, make comparisons before doing business with a particular lender.

To sum it up, there is no doubt that same day loan lenders are a necessary evil especially when you need cash fast!