Consumers Can Learn About Cash Loan Interest Rates and Fees
Los Angeles, CA -- (SBWIRE) -- 10/12/2012 -- OnlinePaydayLoans.com has recently published a new online informational article for consumers. The article “Rates and Fees” provides valuable information on the standard costs associated with short-term payday loans. Readers of the material can learn about the various factors lenders use to calculate loan interest rates and fees. They can also learn exactly where to find the terms for any loan they are offered, so that they will be in a better position to make an informed decision on whether or not to accept the loan based on how much it will end up costing them.
“When consumers decide to accept a loan they have been approved for, they should know exactly how much it’s going to cost them,” says OnlinePaydayLoans.com spokesperson Charles Jacobson. “We realize that people who are experiencing financial trouble might not know what they are getting into when they sign for a cash advance. We don’t want to see them get into deeper debt, so we’re determined to provide them with the information they’ll need beforehand. We want them to have a better understanding of what the loan will end up costing them so that they won’t get any unpleasant surprises that could set them back financially.”
Short-term online payday loans give people a chance to stay current with important bills and pay for unexpected expenses. They offer conveniences such as an easy application process and fast approval time. They are also considered to be an ideal option for consumers who do not have good credit, since payday lenders do not require prospective borrowers to submit their credit score. The flip side of this lack of a credit score requirement, however, is that rates and fees are typically somewhat higher for these loans than they are for traditional bank loans.
OnlinePaydayLoans.com, which is not a lender itself, helps consumers find payday lenders who offer loans with competitive rates. This service is free, and there also is no fee involved for filling out a loan application on the company’s website. Consumers are normally able to compare offers from various lenders during the loan process. They are not under any obligation to sign for a loan with terms that are not to their liking.
Consumers have the chance to carefully look over the terms and conditions of all loans they are approved for. The federal Truth in Lending Act ensures that consumers have access to all of this information so they can make better decisions regarding whether or not to accept particular loans. This helps prevent them from accepting a loan that might end up costing more than they can reasonably afford at the time.
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