The new content details the qualifications for applicants, how borrowers receive their loan funds, and the repayment arrangements offered by lenders.
(PRWEB) February 23, 2012
CashAdvance.ca announces the launch of its new “How It Works” section, designed to help potential borrowers make informed decisions about a cash advance. The new content addresses how to safely and easily apply for, and repay, a payday loan. These unsecured, short-term loans provide customers with money to cover necessary expenses between paychecks, such as rent, medical bills, or car repairs. The new content also outlines pertinent information about lenders in the CashAdvance.ca network, as well as current interest rates and fees.
“The goal of CashAdvance.ca is to guide customers through the payday loan process, ” says spokesperson Michael Vaughn. “The new content details the qualifications for applicants, how borrowers receive their loan funds, and the repayment arrangements offered by lenders.”
Applicants can apply for a cash advance loan using the site’s brief online application. Generally, borrowers can request a loan amount between $100 and $1,500. The new “How It Works” section is accessible from the site’s homepage for anyone who wants to educate themselves about payday loans before they begin the application process. Further, the new section offers advice for how to review a loan offer received from one of the site’s affiliated lenders prior to signing.
The new content also provides insight into how lenders make their decisions; notably, that most will only grant a loan that the borrower can reasonably repay with their next paycheck. Most loans are repaid via automatic debit from the borrower’s checking account, thus eliminating the possibility of late fees caused by not getting a check in the mail on time. After a customer’s loan is approved, the loan funds are deposited directly into their checking account by the next business day, often within the hour.
Most borrowers can be pre-approved for a payday loan in just minutes, granted they are a Canadian citizen or legal resident, employed for more than 90 days and provide a paycheck stub with evidence of an income of at least $1,000 after taxes. Additionally, borrowers must have an active checking account in their name, an email address, and provide home and work telephone numbers.