Borrower Rights Are Now Clearly Identified and Spelled Out
Los Angeles, CA -- (SBWIRE) -- 09/24/2012 -- CashUSA.net is launching a new online educational feature entitled “Responsible Lending Practices.” The feature is part of a continuing effort to educate consumers regarding cash advances, their benefits and how they work. In this article, which is accessible from the company’s website homepage, readers will find information on fair lending guidelines established by federal and state laws.
“One goal of our new article is to help prospective borrowers understand that different rules apply to cash advances in different parts of the country,” says company spokesperson Kyle Lynch. “Although all of our affiliated lenders follow established federal rules and policies, they are also bound by state regulations. This means their terms, fees and renewal plans can vary depending on where the borrower lives. For this reason and many others, we strongly encourage consumers to learn more about their rights and obligations before they take out a loan.”
Federal and state laws regulate the maximum amount that a lender can charge in interest fees, penalty fees and rollover charges on a cash loan, which is also sometimes known as a cash advance USA. They also stipulate guidelines for what are to be considered fair debt collection practices. According to these guidelines, if a borrower is late repaying their loan, they will be protected against harassment and abusive phone calls from debt collectors. Fair debt collection practices also prevent collectors from trying to get money through misrepresentation, legal threats or deception.
CashUSA.net makes it possible for people with bad or no credit to acquire quick short-term cash loans. Because the company doesn’t require credit scores of potential borrowers, people who would not normally qualify for a bank loan can still be approved for a cash advance. Furthermore, the company only asks applicants to meet a few simple requirements in order to be eligible for a loan. These requirements include being at least 18 years old, being either a U.S. citizen or legal resident, having steady income of at least $1,000/month after taxes, and having a checking account in their name.
The process of applying for a loan through CashUSA.net has been completely automatized. Applications can be completed online in five minutes or less, without the need for any paperwork. Also, loan contracts are always e-signed and loan funds are wired directly into the borrower’s bank account. Additionally, to help a borrower avoid late fees and loan default, CashUSA.net will withdraw their repayment amount automatically on the due date agreed upon in the contract. In cases where a borrower cannot repay their loan on time, it may be possible for them to ask for a rollover or loan extension, although additional fees could apply.
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