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As a result of the economic turmoil, many people have turned to pay day loans. The reason for this is simple. Many people with low incomes and poor credit scores simply can’t qualify for traditional financing options.

And that means they need to turn to alternative funding sources such as payday loans or cash advances. However, the truth is that there are some myths surrounding these types of loans. Here are five myths about payday loans you should be aware of. 

Myth #1: They Are Only Good For Emergency Financing

The reality is that most payday lenders will offer short-term loans up to $1000-$1500. In fact, according to PayDayLoans.org, most payday loan borrowers use their loans for things like groceries, gas, utilities, and health care.

In other words, it’s not just emergency funding that these loans provide. Rather, they are used for any type of financial need that requires immediate funds. If you need more information on how to apply for a payday loan, visit our guide here.

Myth #2: You Can Get A Loan With Bad Credit

While you may think that bad credit makes it difficult to get a payday loan, that isn’t actually true. In fact, in the past year alone, over 1 million Americans obtained payday loans with bad credit.

Payday lenders work with customers with all kinds of credit histories, including those who have had bankruptcy filings, foreclosure proceedings, repossessions, and collections. It’s important to note, though, that if your credit history is very poor, you may want to seek out an alternate form of credit. Also, we suggest checking your local laws before applying for a payday loan.

Myth #3: You Can Qualify For A Payday Loan Through Your Employer

Many employers offer employee assistance programs (EAPs) that allow employees to obtain payday loans at no cost to them. This is great news because it eliminates the need to borrow from a third party lender. However, even if your employer offers an EAP, you’ll still need to meet certain qualifications. One of the requirements is that you must already have a job. Another requirement is that you cannot be behind on your bills.

Myth #4: You Need To Be 18 Years Old To Obtain A Payday Loan

You might think that since adult payday loans are available to anyone over 18 years old, then you can also get one. Unfortunately, that’s not the case. While you can certainly apply for a payday loan online if you are above the age of 18, there are additional restrictions. For instance, you will have to show proof of income and employment. And you can only request a maximum of $500 per month.

Myth #5: There Is No Risk Involved With Using A Payday Loan

There is risk involved with using a payday loan. Not only do you run the risk of getting charged exorbitant amounts of interest when paying back your loan, but you also run the risk of being charged fees by the payday lender itself. These fees include late payment fees, return check fees, and more.

If you decide to go through with obtaining a payday loan, don’t forget to read the fine print and make sure that you understand what kind of fees you will incur if you fail to repay your loan on time. Also, remember that the length of the loan depends upon your ability to repay it. Thus, if you need a larger amount than what was originally requested, you may end up having to wait longer to receive the money needed.

With that said, if you choose to use a payday loan, don’t hesitate to ask questions whenever you feel confused. In addition, don’t be afraid to contact customer service representatives so that you can clarify any confusion you might have regarding repayment schedules.

To learn more about the truth behind the myths of payday loans, be sure to read our article here.

According to the Consumer Financial Protection Bureau (CFPB), there were 8 million payday loan accounts outstanding in 2012. That represents roughly 10% of all consumer debt that consumers owe. The average annual percentage rate (APR) for a payday loan averages 400%. As you can imagine, that’s quite a bit higher than the APR for other forms of credit.

Misconceptions are just the thought of people that they have formed regarding the specific issue. If they will plan to reach the gaols then they will surely get good amount of the results. They can visit Money-Wise.org and get the detail.A person can take some genuine steps that will give them with the favourable option that will give those profits.

However, there are ways to minimize the impact of a high APR. First, try to find a lender that charges a lower annual percentage rate. Second, consider refinancing your payday loan into another form of credit. Finally, look into the possibility of consolidating multiple payday loans into a single installment loan.

It can be a tough call to make when buying for someone you love. Maybe it’s hard to shop for them because they have everything or maybe you just don’t know what to get them this year.

Whatever the case, it is always fun to find unique and affordable gift ideas that are not on the high street. Whether it is a male or female member in your family, finding something that will delight them is worth the effort.

Here we take a look at some of the best unique gift ideas out there.

1. An All-Day Coffee Maker

If you’re looking to give a loved one a coffee machine, then this is definitely an excellent choice. It may appear to be a fairly standard item, but its size and design really makes it stand out from other machines on the market.

There is a large water tank with removable carafe, as well as buttons to adjust both the strength and temperature of the brew. The stainless steel body is easy to clean and the coffee itself is delicious.

2. Beer Glasses

Beer glasses are another popular choice if you want to buy for a beer lover. They come in all shapes and sizes to suit whatever beverage they choose to drink. There are many different designs available and you can even get personalized ones too.

If you are looking for something to go with your favorite ales and lagers, these beer glasses are sure to impress. They are sturdy enough to hold the hefty bottle (or cans) without worry and are made from durable glass.

They are also dishwasher safe, which makes cleaning them a breeze. These glasses are perfect for any type of alcoholic beverage, so whether it is beer, wine or spirits, you won’t be disappointed with this choice of gift.

3. Personalized Golf Balls

If your friend has been eyeing up a golf game at their local course, then you should consider giving them a set of custom golf balls instead.

These balls are branded with the name of the recipient and are ideal for keeping track of your shots throughout the course. They are also great for practicing those short putts and long drives to perfection.

A set of five golf balls comes in at around £20, which is a very affordable option. Although this may seem like a pricey gift idea, it is actually quite cost effective compared to buying a new set every time you play. This is especially true if you are looking to keep track of your scores and make sure you never miss again!

4. A Bluetooth Speaker With Music Streaming

One thing that most people love about music is being able to listen to it anywhere. That is why wireless speakers like these are such a fantastic gift idea for any music lovers.

Not only do they allow you to stream music wirelessly to almost any device, but they also double as a speaker. This means you can use them while watching TV or listening to music in another room of your house too.

They also come in small and compact packages, making them suitable for travel and holiday usage. While they may not be the cheapest option around, they are still pretty good value for money and are sure to please anyone who appreciates quality audio products.

5. Customised T-Shirts

Customised t-shirts can be a great way to show off your sense of style. These garments are a lot cheaper than designer labels, yet boast the same level of quality.

You can select from hundreds of styles and colours and even have them printed with your own message. This is a very simple yet impressive gift idea, especially if you order online to avoid the hassle of shipping costs.

Some companies offer free shipping, meaning you could save a lot of money by getting someone else to pick up the delivery for you. Not to mention, you can ensure that it arrives safely on time and that it goes directly to the right person.

Customised t-shirts are also very practical items to add to the wardrobe. They can be worn on multiple occasions and are a great way to let those around you know exactly how much you care.

6. A Pair Of Bespoke Sneakers

Sneakers are a classic favourite among men, women and children alike. They are also one of the main reasons why people love to dress up – they are comfortable and easy to wear. This is why choosing a pair of bespoke sneakers is a great gift idea for any occasion.

While there are plenty of options to choose from, most people prefer choosing a pair that matches their outfit. This ensures that they complement the rest of their ensemble and adds a touch of class to their appearance.

Bespoke shoes come in a variety of styles and designs, allowing you to choose something that suits your recipient perfectly. They are also incredibly comfy and can be used for days upon days thanks to the soft leather soles.

For a more personal touch, you can choose to have the shoes personalized with the recipient’s initials or a special message of their choosing.

7. A Laptop Case

Laptops are one of the most common gifts that are given during Christmas, New Year and birthdays. However, if you want to surprise someone with a laptop, then a tailored laptop case is a great option.

This is because it allows you to keep your laptop protected while also letting others know how important it is to you. It also serves as a handy storage solution if you need to carry your computer around with you. This is especially useful if you often need to leave home without it.

Most cases come in a range of sizes and are designed to fit laptops up to 15 inches. This means that you aren’t restricted to carrying a specific model around with you. Instead, you can choose to carry whichever brand and model of laptop you wish.

Another reason why a laptop case is a great gift idea is because it is versatile. It can be used when traveling abroad, at work or for school purposes. This means it is a great choice for anyone who needs to take their laptop with them wherever they go.

8. Handmade Jewelry

Jewelry can be an expensive gift to buy, especially if you want to create something bespoke. However, handmade jewelry is a brilliant alternative as it is usually lower priced than you would expect.

You can purchase a wide range of items from beads to necklaces and bracelets. Some of the more popular items include rings, earrings, cufflinks and pendants. These all serve as beautiful additions to any outfit and are sure to impress your friends.

There are many companies that sell handcrafted jewelry, so you can browse through the choices and find something that fits your budget. Just remember to stick within the parameters of your budget, otherwise you could end up spending a fortune.

9. Personalized Clothing

Clothing can often be tricky to buy for a loved one – especially since you might struggle to think of anything that fits their style. This is where personalisation comes into play.

Although it seems a little gimmicky, having clothing with your signature stitched onto it is a great way to express who you are. It shows that you put thought into the gift and that you are keen to share your personality with those around you.

As long as you stick within your budget, you can easily find a range of shirts, trousers, jackets and accessories for your recipient. This is a great investment as you will be able to enjoy wearing the same clothes over and over again.