(PRWEB) June 11, 2012
As part of an effort to better inform consumers in the market for quick financial assistance, Payday Advance Cash has added a new article called “Rates & Fees” to its website’s library of available educational materials. The article is designed to help would-be borrowers understand the ins and outs of payday loans, including the rates and fees charged, laws and regulations regarding the loans, and repayment terms. The company has also introduced the new resource in the belief that consumers considering a payday loan should always research their rights and obligations as borrowers before taking out a loan.
"We at Payday Advance Cash know that because taking out a payday loan is easier now than ever before, a lot of people jump into the process without doing their homework first," says Payday Advance Cash spokesperson Evan Morris. “We want consumers to know everything there is to know about cash advances before they acquire one. Therefore, we plan on adding more educational articles like our new ‘Rates & Fees’ piece to our website over the next few months.”
The company, which offers a simple and brief online application for consumers interested in pursuing a payday loan, does not request credit scores from applicants. This allows people with poor or no credit history to still apply and qualify for a payday cash advance, even if they would not qualify for a standard loan through their bank or other financial institution. Payday loans have standard interest rates that are based on the amount of the loan and the state of residence of the borrower. Some states have regulations governing how much money payday loan lenders can disburse and the maximum interest rate they can charge, so this will affect the type of offer a lender can make.
Payday Advance Cash does not offer loans directly. Instead, the company puts consumers in touch with prescreened lenders offering the most optimal loan rates and terms on the market. These lenders then make their best offers possible to the would-be borrowers. Because the lender ultimately determines a loan’s associated charges, it’s recommended that consumers read an offer carefully before signing anything. Interest rates and fees, repayment rules, loan extension regulations and other details can vary widely among lenders, so people are advised to carefully consider all offers received before making a final choice.
Many consumers taking out payday loans neglect to get all necessary information beforehand. As a result, there is much confusion about what a payday loan is and how much it costs to get one. Payday Advance Cash hopes its new online article will help consumers become more educated about loans so they can make better financial choices.