| Fiction: |
Payday loans survive on consumers getting into the vicious cycle of using the service over and over again. |
| Fact: |
Payday loans provide needed credit to consumers for emergency and short term needs. A good example to use is if your car breaks down or in need of brakes before your payday a short-term payday loan may be the economic way to go. |
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| Fiction: |
Rollovers are practiced by all payday lenders. |
| Fact: |
Rollovers are not a payment option that is practiced by our clients. A loan must be paid in full in order for a customer to receive another loan. |
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| Fiction: |
Payday lenders loan to anyone with a pulse. |
| Fact: |
Our clients loan to approximately 1% of the potential customers that are interested in the service; this is done through validation processes and qualifying criteria that customers must meet. |
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| Fiction: |
Payday lenders target low-income, uneducated, pensioners, home renters, and single parents. |
| Fact: |
For those customers that are in need of a payday loan, the average annual household income is $51,000; 58% have some college and/or university education; 68% are under the age of 45; 41% own a home; and 46% are married. |
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| Fiction: |
Consumers want payday loans legislated to cap fees. |
| Fact: |
E-Care Contact Centers supports the regulation of the payday loan industry to ensure fair lending practices. |
