Readers Can Benefit From Detailed Piece About Lending Practices
Los Angeles, CA -- (SBWIRE) -- 09/28/2012 -- As part of its goal to help consumers searching for a quick loan, BadCredit.com is launching a new article called “Lending Policy” on its website. This article is designed to help prospective cash advance borrowers learn about the laws and regulations that exist to protect them against predatory lending practices, as well as learn what to expect when dealing with a reputable lender. BadCredit.com only works with lenders who adhere to fair lending guidelines and offer financial transparency and complete disclosure of loan terms and fees.
“Cash advances are regulated at the federal level by the Truth in Lending Act,” says company spokesperson Aaron Beck. “However, each state also has its own rules regarding these loans, how much money and how often people can borrow, and the maximum interest rate they can be charged. The rules have been created to protect the consumer. People searching for a quick cash loan should only work with lenders who respect and follow both federal and state regulations.”
BadCredit.com, which specializes in connecting consumers with bad credit to skilled cash advance lenders, thoroughly prescreens the lenders it works with in order to ensure that all federal and state mandates are met. Only lenders who agree to full disclosure and fair collection practices are accepted into the company’s nationwide lender network. As a result, borrowers can be sure they will get from their lenders all the necessary information needed to make an informed choice during the loan process.
When a person applies for a cash advance through BadCredit.com, their application is presented to a number of lenders, who can then decide to make a loan offer. Because lenders know they are competing against each other, they are compelled to offer their best possible deals. This allows consumers to compare offers and decide which one is best fitted to their needs.
Once a consumer accepts an offer, their lender will deliver the funds directly into the individual’s bank account. When loan repayment is due, which will normally be 30 days later, the lender will take the money back automatically from the same account. Consumers who need to extend the loan can do that for an additional fee, but this can increase the cost of the loan.
BadCredit.com recommends that consumers only borrow as much as needed, so they can avoid potential financial difficulties in the long run. To accommodate different needs, the company’s affiliated lenders offer cash loans ranging from $100 to $1,000. This allows consumers to borrow the exact amount that is required to cover an emergency expense or late bill without complicating their financial burden even more.
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