Our state was hit particularly hard by the recession, and many families are having to get by on one paycheck where once there were two.
(PRWEB) February 06, 2012
CaliforniaPayday.com announces the launch of their new “How It Works” page — an online resource for consumers wanting to learn more about the payday loan process, from application through repayment. The new page draws upon the company’s years of experience in short-term, unsecured loans to create a one-stop destination for answering borrower’s questions.
“We’re committed to helping California households get the funds needed to make it through these rocky times,” said company spokesperson Jeffrey Anders. “Our state was hit particularly hard by the recession, and many families are having to get by on one paycheck where once there were two. The new “How it Works” page lays out the payday loan process so that the consumer can decide if it’s the right solution for their situation.”
People in need of California payday loans previously had limited options when urgent expenses caught them between paychecks. They could borrow from friends or relatives, pawn their valuables, or take other drastic measures that might make matters worse. With their new “How It Works” page, CaliforniaPayday.com hopes to become a reliable resource for households in need of temporary financial relief.
CaliforniaPayday.com is not a lender; rather, the company’s website serves as a bridge between prospective borrowers and a proprietary network of pre-screened lenders who are willing to lend to consumers who may have flawed credit or not meet approval requirements for a bank loan. In contrast to traditional lenders, the site’s online application requires only that a borrower:
- Be at least 18 years old.
- Earn at least $1,000/mo. after taxes.
- Have a checking account in your name.
- Provide a valid email address and phone number(s).
- Be a U.S. citizen or permanent resident.
The number of applications for payday loans nationwide now reaches into the millions every year, as some working people find themselves shut out of traditional credit markets, or unwilling to take on more long-term debt through credit cards.
Payday loans are typically repaid on the borrower’s next payday, usually in two weeks or within 30 days. Though these kinds of loans incur higher interest rates and fees, most borrowers find the speed and convenience of being able to receive cash direct-deposited into their bank account within one business day to be worth the cost. CaliforniaPayday.com charges no fees to borrowers who use the site’s online application, nor is there any obligation to accept any loan offered through the company’s network of lenders.
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