Cash.org Releases New, Free Educational Article

Los Angeles, CA -- (SBWIRE) -- 10/08/2012 -- Cash.org announces the debut of a free online article that contains important information on the standard charges associated with cash advances. The article “Rates & Fees” explains how cash advances lenders determine what interest rates and fees to attach to their loans. The piece has been written to give consumers the chance to make informed decisions on whether or not to apply for quick cash loans. Cash.org firmly believes that consumers who read the new material will have a better understanding of what to expect from the loan process, as far as any additional costs are concerned.

“The last thing people who are in a serious financial bind need is to dig themselves even deeper in a hole,” says Cash.org spokesperson Erika Lee. “We understand that people who are desperate for fast money might not normally think of taking the time to go through all of the details of a cash advance offer. However, if they don’t take the time, they could be in for a bit of a surprise when they later discover the standard charges that have been added to their principal loan amount. We’ve set out to make information about loan interest rates and fees readily available to consumers so they can make smart financial decisions regarding cash advances.”

Consumers who are considering taking out cash loans are advised to be aware of a few important points when it comes to rates and fees. First of all, these charges can vary from consumer to consumer based on the information they provide in their loan application. Also, the charges can vary from one lender to the next. Additionally, rates and fees are partially determined by regulatory laws, which differ in each state. Some states have stricter regulations on how much lenders are allowed to charge for cash loans.

In general, rates and fees attached to cash advances are somewhat higher than what traditional bank lenders charge; this is because cash advance lenders are willing to take a greater risk when loaning money, as they don’t require prospective borrowers to submit a credit score, and therefore are willing to help out even consumers with bad credit.

The lack of a credit score requirement highlights the fact that cash advances are far easier for consumers to acquire than are traditional bank loans. In addition, borrowers can get money far more quickly from a cash advance lender than they can from a bank, as it never takes more than one business day from the time they accept a loan offer.

Cash.org does not act as a lender. Rather, the company assists people in finding reputable lenders that offer competitive rates and fees, and consumers do not have to pay anything to apply for a loan through the Cash.org website. Once prospective borrowers have been preapproved for assistance and have chosen a loan offer to consider, they are advised to closely read through the lender’s terms before providing their e-signature to accept the offer. The lender should make this information clear in order to comply with the federal Truth in Lending Act. If the loan fees and rates they see are not satisfactory to them, consumers can choose not to complete the loan process.