(PRWEB) February 26, 2012
CashAvance.org announces the rollout of its updated lending site, featuring new educational content for potential borrowers. A cash advance, also known as a “payday loan,” offers cash-strapped consumers an opportunity to borrow small amounts of money to cover pressing expenses, such as car repairs, medical bills, utility bills, and more. It is an unsecured, short-term loan, usually repaid with the borrower’s next paycheck. The new content offered by CashAdvance.org is meant to help customers make sound decisions about applying for, and repaying, a payday loan.
“Our mission is to make the borrower’s experience safe and efficient,” says CashAdvance.org spokesperson Beth Lancaster. “The new content covers a range of topics that help customers understand the cash-advance process, including interest rates, fees, benefits, and loan repayment, as well as their obligations vies-a-vie their chosen lender.”
Customers can complete a cash advance loan application online and receive pre-approval in minutes. Loan amounts are usually between $100 and $1,500. Often, customers are not asked to submit credit information to apply for a loan. Nor will lenders check a borrower’s credit through any of the three major credit-reporting agencies. Lenders generally distribute loan funds to borrowers within one business day via direct deposit, often within an hour.
The information, accessible from the CashAdvance.org homepage, outlines how lenders determine interest rates and fees, alternative repayment plans, and basic borrowing qualifications. According to the Truth in Lending Act, borrowers receive a detailed written account of the interest rates and fees charged from their lender before signing the loan contract. Normally, customers have to repay their loan with their next paycheck, but lenders may grant an extension if the borrower is unable to repay their loan on time. Loan payments are drafted directly from the borrower’s checking account on the due date. Other educational resources describe the site’s security features used to guard against identity thieves and computer viruses.
The site’s new educational resources explain to potential borrowers the necessary qualifications to receive a payday loan. In general, the borrower must be 18 years old, employed for more than 90 days with an income of at least $1,000/mo. after taxes. Additionally, the borrowers must be a citizen or permanent resident of the United States, have a checking account in their own name, a valid email address, and provide home and work phone numbers.
CashAdvance.org is not a lender. The company serves as a bridge between borrowers and a proprietary network of reputable lenders.