Many people are apprehensive to use payday loans due to the myth of the never ending debt cycle. Users are warned that they will be trapped into borrowing money to pay off loans and then borrowing more many to pay off those loans until they are constantly in a borrowing trap.
In actuality, this myth is just that- a myth. Clemson University did a study on the "constant borrowing" cycle, and has concluded that there is no statistical evidence that supports that this trap is inevitable.
90 percent of payday advances are paid back when they are due, and 95 percent of these are ultimately collected.
Each state limits the number of loans that a borrower can take out at the same time, and many of these prohibit loan rollovers or loan extensions in order to avoid the cycle trap.
So, though they are often portrayed as dangerous, payday loans aren't as bad as they seem. A responsible borrower should have no fears about the never-ending debt cycle.
At ConnectedCommunities, we are committed to a responsible lending, and desire to match you with a trust lender for a cost-effective experience that will get you the money you need when you need it most. At ConnectedCommunities, all you need to do is apply using our secure online system and, if approved, you could have your money in 24 hours! Don't hesitate to apply if you are short on cash and need a quick and efficient way to get funds fast!