Article Explains Loan Process to Prospective Borrowers
Los Angeles, CA -- (SBWIRE) -- 11/01/2012 -- Low Cost Payday Loan announces the release of a new online feature explaining how to apply for and obtain a quick cash loan. This new article, which is called “Requirements” and can be found on the company’s website, addresses the criteria borrowers need to meet in order to qualify for a loan, as well as the handful of simple steps involved in the loan process. It also discusses how consumers can acquire a loan from the comfort of their own home or office, any time of the day.
“So many people don’t realize how easy it is to get a fast cash loan,” says company representative Derek Farley. “They are afraid that a bad credit history will ruin their chances, or that they might not qualify because they don’t have a co-signer. Cash loans were created especially for people who do not meet those conditions. They are based on your current income, not anything in your financial past, so as long as you have a steady paycheck coming in every month, you have a very good chance of getting approved for quick assistance.”
Low Cost Payday Loan operates completely online. Its application process can be completed from any computer with an Internet connection, and it requires no submission of extensive paperwork. Instead, potential borrowers only need to fill out a brief form by providing the required basic information, which includes proof that they earn an income of at least $1,000 per month after taxes, that they have a checking account in their name, and that they are 18 years of age or older. They also need to provide an email address, as well as phone numbers for their home and work. This information helps Low Cost Payday Loan make a decision on whether a consumer is eligible for a cash loan.
Because Low Cost Payday Loan does not extend loans itself but instead connects prescreened, preapproved lenders with people looking to borrow money, once the company approves an individual’s loan application, they will redirect the person online to lenders in their area. These lenders have their own loan rates and terms in place, and it’s important that consumers always read the fine print of any loan offer they receive in order to be able to choose the one that best fits them.
Once the individual chooses an offer and electronically signs the loan contract, the lender will deposit the money directly into the person’s bank account within one business day, guaranteed. When it’s time for the borrower to repay the loan — usually their next payday — for maximum customer convenience, the lender will take the amount due out of the same bank account automatically.
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