There is a very sensible reason why accurate information regarding payday loans that you can get online is such a rare commodity these days. It’s simple, there are no set government guidelines for all sites in the Provinces of the Philippines to follow. So what this means is that each province in the Philippines is free to govern sites as they will, and they do. Then to add to the confusion, is that there are so many sites now, and each one has its own company policies.
So it’s no wonder there’s so much misinformation out there and you don’t have to look hard to find it online either. Myths that can leave you scratching your head when you finally go to apply for an actual loan and find out what you thought was the fact is false. Or misinformation that stops people from applying because they assume that they won’t be excepted. So then what are some of the most common of these myths regarding online payday loans?
For sure, top on the list has to be one that refuses to die out that has people believing that virtually all fast cash payday loan type sites lend you up to $1500 if you qualify. It’s just not true because for one thing there are just so many sites now, and each one has its limits and standards with regards to the loans that they issue. Then there’s one more thing. That is that some provinces in the Philippines are now starting to limit how much they will allow their citizens to borrow.
Then another rumor you may have already heard or read about, is that you absolutely must have a checking account to qualify for an online cash advance. No checking account, no loan. This misunderstanding stems from the fact that community-based payday lenders that are not online do require that you leave them a post-dated check. However, today most sites only require a savings account, and some will even wire you the money.
Still, one more falsehood that needs to be done away with, is that you can be criminally prosecuted if you default on a loan. Nothing could be further from the truth because a loan is a basic contract that’s covered by civil law. So you can be sued in civil court if you default. On the other hand, if you committed some type of fraud, like submitting false documents during the application process for a loan, that is a crime you can be prosecuted for.
What you don’t want to lose track of here, is that with so many sites out there offering so many different types of loan packages, it’s inevitable that even more changes are going to occur as time goes on. Then also state lawmakers around the country are continuing to push for more changes in laws and regulations as well. In the end, the bottom line here is that if you have a verifiable source of income that’s at least $250 per week, odds are you qualify.
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