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There's just no denying it now, and that as it stands today online fast loans is the biggest trend in borrowing, and it just keeps getting bigger. More people each day who are finding themselves in need of a fast line of cash credit are discovering them. However, even with so many people applying and being excepted, misinformation and myths still persist. Misinformation that has some people convinced they don't qualify. So then what are they?

For sure one of the most common of them all, and the one that refuses to die out, is that you "absolutely positively" need to have a checking account in order for you to qualify. So where does this originate? It comes from the fact that local community-based payday lenders all require that you leave them a post dated check in the amount of your loan. The truth is though that most sites now will except you with a savings account, and some will even wire you the money if you don't have that.

Then yet one more annoying bit of information that's frightened some people away from online lenders states, is that you can in fact face criminal charges if you default and can't pay your loan off. Nothing can be further from the truth! This is because all types of cash loans, including a loan from your local bank is covered by civil law. This means you cannot face criminal prosecution if you default. Just as long as no fraud was committed.

Then yet one more on the list of top myths regarding payday loans is the rumor that continually circulates online that it payday cash advance must be paid off within 30 days. Now most loans are for two weeks but some are made for 30 days. Even so, in the event you find at the end the month that you don't have the cash available to pay it off, most sites do have a "rollover policy". This allows you to basically restart the loan to avoid late payment fees.

Than the big is one of them all, and one that will probably always be there, is that you absolutely and without exception must have a job to qualify for an online fast cash advance. No job, no loan, and it's just that simple. Once again it's not true, and in fact most sites now don't even care if you have a job or not because all they want to see is a viable source of income. In fact most online lenders will even give you credit if you're unemployed and drawing an unemployment claim.

So given the popularity of these online payday lending sites now, and all the people who access them, just how is it that so much misinformation can be out there? The answer to that question it turns out lies in the fact that each state in the US has their own separate set of laws regarding these types of lending sites. In fact in some states you can't even get an online payday loan. But the fact remains, that if you have a verifiable source of income, odds are that there is a site that will lend to you.