Learning About Cash Advances Is Now Easier for Prospective Borrowers
Los Angeles, CA -- (SBWIRE) -- 09/24/2012 -- In an effort to educate consumers about their rights regarding cash advances, CashNow.org is adding a new article called “Lending Policy” to its website. The purpose of the article is to help readers get an insight into the existing federal and state regulations governing quick cash lending. These regulations are in place to help protect consumers against discriminatory and predatory lending practices, as well as harassment and deceptive collection and selling techniques.
“Many consumers are unaware of their rights when they take out a cash loan, and we aim to change that with our new resource,” says CashNow.org spokesperson Laura Vazquez. “We feel it’s important that borrowers understand the policies and regulations that are in place to protect them things such as harassing and abusing phone calls. The existing laws even dictate the amount of interest and late fees that can be added to a loan, so consumers are not overcharged by unscrupulous lenders.”
The company believes in educating would-be borrowers who are looking to get cash now so they can make more informed decisions. Among other things, its new article explains policies regarding late payments and nonpayments, as well as loan renewal regulations. While most borrowers intend to pay their loan back on time, unexpected circumstances might force them to miss their due date. Because of this possibility, CashNow.org feels that it’s especially important for them to understand rollover limits and penalties, as well as how interest rates are affected by loan extensions.
Because laws relating to cash advance lending differ from state to state, consumers should spend some time understanding their local regulations. CashNow.org works with a nationwide network of trusted lenders who have been prescreened and preapproved. These lenders have agreed to follow all applicable regulations and respect consumers’ rights, including their right to privacy. The application process as conducted through the CashNow.org site has been designed to be completely safe and secure, and the company does not share confidential information with third parties.
When applying for a loan, consumers must provide contact information as well as information about their income and bank account. They must also confirm that they are at least 18 years of age and either American citizens or permanent residents. Additionally, applicants must specify the amount of the loan they want to take out. CashNow.org’s affiliated lenders offer loans of between $100 and $1,000. The maximum amount a person can borrow is partially determined by the state they live in. Some states have maximum limits established, while others allow lenders to impose their own limits.
Once an approved loan has been delivered to a borrower — in all cases within one business day of the time the lender’s loan offer has been accepted — they usually have 30 days to repay it. This is because short-term cash loans are extended against the borrower’s next paycheck.
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