(PRWEB) June 08, 2012
Emergency Payday Loan is expanding its collection of online informative articles with the addition of the “Rates & Fees” article to its website. This new resource offers consumers information on the costs associated with taking out a payday loan. The site is offering this material in hopes that prospective loan borrowers will better understand the rules and regulations tied to payday loans and what rights they have when borrowing one.
"At Emergency Payday Loan, we are committed to helping educate consumers on the payday lending process and the financial options available to them,” says company spokesperson Craig Lee. “We want to give consumers the tools necessary to make smart choices regarding their payday loans. The fees and rates connected to a payday loan can be confusing to those who are used to dealing only with traditional loans through banks, so becoming fully informed about them is essential.”
Consumers taking out an emergency loan through Emergency Payday Loan are protected under the Truth in Lending Act. This means that the lenders the company works with have to disclose all details about their loan fees, interest rates and payment policies up front to potential borrowers. With this federal law in place, consumers are safe from dishonest lending and collection practices and are able to make smart decisions regarding a payday loan before they even accept one.
When individuals apply for a payday loan from Emergency Payday Loan — which they can do by taking just a few minutes to complete the company’s simple, brief online application — they generally receive an extremely quick response. After their loan request is approved, they can then look through a number of offers from different members of the site’s lender network and decide which offer is the best for them based on its rates, fees and terms. Once they have decided on a particular offer and signed the loan contract, they get their loan funds deposited directly into their bank account within a maximum of one business day.
Some would-be borrowers worry about the rates and fees associated with payday loans. This concern generally proves needless, as the loans are designed to be for the short term, with a single upfront fee determined at the time of borrowing. Plus, borrowers won’t accumulate interest over years of debt, since payday loans are meant to be paid back on the borrower’s next payday, usually within four weeks. Easy access to their money and the quick repayment time mean consumers won’t be tied to their loan for long. Those who repay the loan with their next paycheck will be free of further expenses and fees. Emergency Payday Loan does, however, offer extensions for people who are unable to repay their loan by its due date.