Prospective Borrowers Can Learn About Loan Process
Los Angeles, CA -- (SBWIRE) -- 10/14/2012 -- Payday Advance Cash is happy to announce the release of a brand-new online article entitled “How it Works.” The piece is part of an effort by the company to educate and inform consumers about short-term loans, how to qualify for them, and what qualifications people need to possess in order to obtain one. The article is geared toward helping would-be borrowers make an informed decision regarding their financial future and learn how they can use loans to ease financial worries.
“So many people avoid applying for cash advances because they think they won’t qualify,” says company spokesperson Dave Ronald. “But the truth is that these loans have been especially designed for people who wouldn’t otherwise be able to get financial assistance. Banks and other traditional financial institutions make it really difficult to borrow money, so it’s important for us to ensure that everybody has access to the help they need.”
To qualify for a payday cash advance, prospective borrowers need to meet just a few requirements. These include being at least 18 years of age and either a U.S. citizen or permanent resident. Also, they must earn a steady income of at least $1,000 per month after taxes, and they must have a checking account under their name. In addition, they must have valid home and work phone numbers and a valid email address. There is no credit score requirement whatsoever.
Cash advances are governed by state and federal laws. These laws regulate how much a person can borrow in a particular state, the maximum interest rate that can be charged, and other specific details about the loan. When consumers apply for a loan through Payday Advance Cash, the company will evaluate the merits of the application. Once it preapproves the applicant for assistance, the individual will be redirected to lenders in their area who have loan offers with competitive rates for them.
Consumers always have a chance to examine the offers received to compare fees and rates and choose the loan that best fits their needs. The evaluation and offer process carries no commitment and no fees. Until a contract is signed, consumers are free to walk away with no further obligation.
Cash advances are short-term loans primarily meant to serve as emergency assistance for those in urgent need. Borrowers can apply for a loan as small as $100, ensuring that they don’t end up taking out more than they need and can pay back on time. Those who need more money can request up to $1,000.
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