Would-Be Borrowers Now Have the Opportunity to Learn About Cash Advance Regulations
Los Angeles, CA -- (SBWIRE) -- 09/24/2012 -- As part of its ongoing endeavor to educate consumers on the ins and outs of cash advances, CheapPaydayLoans.com is introducing a new article called “Lending Policy” onto its website. The article is designed to help would-be borrowers understand their rights when applying for a short-term cash loan. Among other things, the article explains federal and state lending regulations, which affect the interest rate limits, loan terms and fees a lender can impose, as well as repayment terms and general lender conduct.
“We believe in nothing less than complete transparency when dealing with consumers seeking cash advances,” says CheapPaydayLoans.com spokesperson Erin Hoffman. “We want potential borrowers to have a full understanding of what a loan contract would stipulate and what rights they have when availing themselves of assistance. The fact is, would-be borrowers should always be wary of companies that are not upfront about lending policies, as this can potentially lead to illicit loan terms or predatory lending activities, leaving the consumer unprotected.”
The company is not a lender. Instead, it acts as a referral service, connecting consumers with preapproved lenders who can present offers for cheap payday loans. All lenders in the company’s network have agreed to adhere to the lending policies outlined on the website. That includes respecting the Truth in Lending Act, which requires that all loan terms be clearly defined in the contract a borrower has to sign. This means the individual will be informed of all fees connected to their loan, including late fees and penalties that they might incur if they default on repayment. All this information must be presented to the consumer before they are asked to sign a contract, so they can decide whether the conditions are acceptable.
Loan applications can be quickly completed online and don’t require any faxing of personal documents or a visit to a local loan office. Because CheapPaydayLoans.com doesn’t ask prospective borrowers to provide a credit score, loans are available to them regardless of their credit history, and they only need to meet a few requirements to be eligible for help. Generally, if a consumer meets these requirements, they will be preapproved for a loan within minutes of submitting an application, and once they accept a loan offer, their funds will be delivered directly into their bank account in a matter of hours. There’s no need for them to wait for a check to clear.
Short-term cash loans are private and secure. Because they can be obtained quickly, without hassle and without a borrower needing to offer up any collateral, they are ideal for people who need to take care of an urgent, unexpected bill or emergency expense, as well as those who just need some help getting by until their next paycheck arrives.
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