Our mission at FaxlessPaydayLoan.com is to help guide the customer through the payday loan application process and explain to them the benefits and risks of payday loans.
(PRWEB) March 09, 2012
FaxlessPaydayLoan.com introduces onto its site a new educational article that shows customers how to apply for a payday loan. Customers can apply to receive a payday loan if they are short on cash and between paychecks, but have medical bills, rent, car repairs or other important items that must be taken care of immediately. A payday loan provides a bridge between paychecks. The loan generally must be repaid during the borrower’s next pay period. The information provided by the new article, which goes by the title “How It Works,” helps customers make responsible financial decisions in regard to borrowing money.
“Our mission at FaxlessPaydayLoan.com is to help guide the customer through the payday loan application process and explain to them the benefits and risks of payday loans,” says FaxlessPaydayLoan.com spokesperson Michael Vaughn. “The new article is well-written, informative and provides detailed information about interest rates, fees, borrower qualifications and lender regulations, among other things. The educational material offered on our homepage helps customers understand their loan obligations before they sign any loan documents.”
The article also tells customers about the many benefits of applying for a faxless payday loan. Generally, customers can complete the online application form and receive pre-approval within minutes and their loan within 24 hours. Also, customers can apply for a loan if they have a poor credit history, and they do not have to submit a credit check or background check. The amount they can borrow ranges from $100 to $1,500. If they are approved for a loan, the money is deposited directly into their checking account.
“How It Works” also explains the loan repayment process. Usually lenders will determine when the customer must repay their payday loan. The repayment date is normally when they receive their next paycheck. Repayment is generally drafted directly from the borrower’s checking account. If the borrower cannot repay the loan on time the lender may setup an alternative repayment plan with the borrower. Additionally, the article explains to borrowers the proper usage of payday loans. Lenders suggest that payday loans be used for one-time emergency payment situations only.
Besides the latest article, other educational articles on the site outline the qualifications that borrowers must meet to receive a payday loan. In order to possibly be approved for a loan, a borrower must be at least 18 years old, be a U.S. citizen, be currently employed with at least 90 days of employment at their job, earn a monthly income of at least $1,000 after taxes, have a checking account in their name, and have a valid email address and valid home/work phone numbers. All the information provided by FaxlessPaydayLoan.com helps customers understand the payday loan process and their financial responsibilities as borrowers.