Consumers Can Learn Important Information on Cash Loan Rates and Fees
Los Angeles, CA -- (SBWIRE) -- 10/05/2012 -- Faxless Payday Loan announces the debut on its website of a brand-new article that presents important information for consumers applying for cash advances. The article “Rates and Fees” discusses the factors that affect the interest rates and standard fees attached to these short-term loans. With the new resource, readers can find out why rates and fees differ from lender to lender. They can also gain enough knowledge to make an informed decision on whether to enter into a loan agreement.
“Finding out that you unknowingly signed up for a loan with high rates and fees can be frustrating and financially devastating,” says Faxless Payday Loan spokesperson Jack Wilkinson. “We don’t want consumers to find themselves saddled with more debt when they sign their name on the dotted line for a loan. Our company wants consumers to know exactly what they’re getting into when they take out a loan, as well as understand how loan-associated costs can vary depending on many factors. We believe that this will help them make smart decisions when it comes to borrowing money.”
Cash advances provide people with a modest amount of money in a short amount of time. Individuals can use these loans to get caught up with regular monthly bills or cover unexpected expenses. Prospective borrowers can quickly apply for a cash loan on the Faxless Payday Loan website and do not have to submit extensive paperwork as they would have to when applying for a traditional bank loan. This fact makes cash advances easier and more convenient to apply for than other types of loans.
Consumers who use Faxless Payday Loan to find a cash advance lender do not have to pay any application fees. The company, which is not a lender, offers consumers a free service that puts them in touch with lenders who are known for being reputable. These lenders provide full disclosures of all loan interest rates and fees in accordance with the federal Truth in Lending Act, which prohibits lenders from having hidden costs that consumers might overlook.
Potential borrowers are able to look over the information on rates and fees at their leisure before electronically signing for a loan. If they do not like the numbers they see, they do not have to accept the loan. They can then return to the Faxless Payday Loan website to find another lender who has a loan offer that better suits them.
Neither Faxless Payday Loan nor its affiliated lenders require consumers to submit a credit score at any point during the loan process, so people who have bad credit are typically able to get approved for a cash advance if they meet the basic eligibility requirements. Also, this means that their credit rating does not have any effect on the interest rate attached to loans that lenders offer them. Interest rates are determined by a few other factors, such as federal and state lending laws.
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