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In spite of the fact that online payday borrowing has exploded in popularity an ever increasing number of myths and misinformation about them continues to circulate. Information that in some cases can,unfortunately, some lead people to believe that they won't qualified for one. In fact, you may have already heard some and might even have accepted them as fact. So then just what are some of these common myths?

Number one on the list has to be that you "must have a job" to qualify. After all, they are so commonly referred to as payday loans, so it only stands to reason that if you were to get one you must have an upcoming payday. The truth of the matter is that the vast majority of lending sites of this type today only require that you have a verifiable source of income. It needn't be a job, and, in fact, there are sites now that will lend you money even if you're unemployed and drawing unemployment insurance benefits.

Then another common misconception, is that you absolutely must have a checking account to qualify, and if you don't have a checking account that you can just forget about it. This myth stems from the fact that local community-based payday lenders all require that you leave them a post dated check in the amount of the loan. However, when you borrow online most sites will accept your application if you have a savings account, and some will now even wire the money if you have neither type of account.

Then yet one more common misconception that refuses to die out, is that you have two weeks to pay off a loan, or that in rare instances some sites will give you a month. After that time is up, if you don't have the money on hand to make your payment you hit with a hefty late payment fee. Once again another myth is exploded because the truth is that the vast majority of lending sites have a rollover policy. That is that if you don't have the money when the loan comes due you can affect in effect "restart it".

Still one more payday loan site myth, that continues to catch wind, is that you can be prosecuted with criminal charges if you default on your loan. In reality, the simple truth here is that all loans, no matter where you get them are civil contract matters. What this means, is that if you default on an online cash advance unless you've committed some type of fraud in obtaining it, you have broken no laws.

In the end, it seems that the big problem in getting reliable information regarding online borrowing, is that there are no national standards or rules in place to govern how it's done. Each state is free to dictate its own rules and regulations, and, in fact, in some states in the US you can even get a payday loan, even if you wanted one. So the bottom line, here is that if you have a source of income, even with bad credit you most likely qualify.