Lenders Force Borrowers into Never Ending Cycle
MYTH #4It is the goal of cash advance lenders to force borrowers into a continuous debt cycle. |
FACTThis myth has been pushed by opponents of the cash advance industry to portray lenders as predatory. |
We try to give clear options to our customers, so that a customer gets just the right amount of money they need. Nobody wins when a loan is unable to be repaid – not the customer or the lender.
When a customer can’t repay the full loan in the agreed upon time, most lenders will discuss other options with the customer and attempt to find the best solution which will enable the customer to repay the loan. Many lenders, if able, will offer alonger repayment period at little or no added charge. Overall, 90% of customers still end up paying their loans back on time.
