Five False Myths About Payroll Credits
Online credit is one of the most controversial financial products, especially due to its high price. However, they move in one of the most regulated sectors.
The bad reputation of online credits without payroll affects the righteous by sinners.
Below we show you the 5 most widespread false myths about this product:
1. The fine print will cost you a pretty penny
If we reduce the framework of online credits without payroll to mini-credits up to 1,000 USD, which are the ones with the worst fame, credits without online payroll cannot have small print. By law the companies that grant them must clearly report, which includes the language used, the interest APR, the total amount to be paid and the part of that amount that corresponds to interest.
Likewise, in the contract they must report the interest rate and fees that would be applied for situations such as extension of the term, non-payment at the agreed time, advance payment, etc.
2. You will end up in a delinquent registry
If you pay the credit without payroll on time, you will not have any type of problem. The risk of ending up in a delinquent registry like Financial Credit Institutions is similar to that you would have for not paying the electricity bill or returning a loan to your traditional bank.
3. They are a scam
As we have said, it is a highly regulated activity. The vast majority of companies that you can find in your search engine are perfectly legal, just like in any other sector. Of course, there are always black sheep. If you do your search in a comparator, the chances of hitting a scam are greatly reduced, since comparators make a very good first filter.
4. They are very small loans for desperate people
Credits without online payroll do not have to be very small. There are companies that focus on microcredit, but there are many others that grant more important credits. What is common is that the amount of the first loan is more limited than on subsequent occasions.
5. You have the money in your account in 10 minutes
Generally, the 10 minutes refer to the time it will take to make the request, especially if you use the automatic system or to the time it takes to make the transfer since it is approved. Then you have to wait for the banks to do their job. In other words, after a certain time, the transfer will arrive at the earliest in the morning of the following day.
6. They are expensive
It cannot be denied that the majority of credits without online payroll are expensive. Although really, nowadays, you can get online credits very similar to the ones you can get at your bank branch.
In any case, if we focus on those small loans that are granted almost instantly, it is true that the interest is very high. But it is in the same way that the rates of a plumber or emergency locksmith are. If you want money in 10 minutes, it is a service that you will have to pay for. We insist, there are many other online options whose prices are more reasonable.