Site Visitors Can Learn About Rates and Fees Associated With Cash Advances
Los Angeles, CA -- (SBWIRE) -- 10/01/2012 -- FastMoney.com has introduced a brand-new, informative online article that provides consumers with crucial information on the overall costs of cash advances. The article “Rates & Fees” gives a detailed explanation of how cash advance lenders determine standard charges associated with their loans, and it also serves to clear up some common misconceptions about cash advance interest rates. It is hoped that upon perusing the article, consumers will have a clearer understanding of what to expect when applying for short-term cash loans.
“When you’re in a financial bind, it’s easy to accept a loan without really knowing what you’re getting into,” said FastMoney.com spokesperson Brian Mitchell. “Unfortunately, some consumers can get in over their heads. That’s why we think it’s important for people to fully understand what they’ll be expected to pay if they accept a cash advance. We want to make sure that prospective borrowers have all the information about loan rates and fees before they apply, so they can make the right decision for their situation.”
Cash advances are an important option for consumers who need fast cash to deal with emergency financial situations. The cash advance application process is quick and easy, and consumers do not need good credit in order to be approved for assistance, as lenders do not require an applicant’s credit score as part of the approval process. This makes these quick money loans riskier for lenders, which is a primary reason why the rates and fees that cash advance lenders charge are typically somewhat higher than what consumers would pay for a traditional bank loan.
Every cash advance lender calculates their own fees and rates based on factors such as state regulatory lending laws and personal information provided by applicants. By using FastMoney.com, consumers can easily compare these figures from different lenders in order to find the most affordable loan offer. The company itself is not a lender, but rather provides a valuable service to consumers by connecting them to reliable lenders in their area. This service is free, and there are no application fees involved. Consumers are also free to refuse to accept loans they have been approved for if they find the rates and fees not to their liking.
Prospective borrowers have the opportunity to thoroughly look over a lender’s loan contract before they formally accept an offer, so they can find out exactly what they would be agreeing to pay. The federal Truth in Lending Act prevents cash advance lenders from presenting this information in terms that are difficult to understand or misleading. Lenders must provide a full and clear disclosure of all charges associated with the loans they are offering.
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