Updated Website Discusses Cash Advance Interest Rates and Fees
Los Angeles, CA -- (SBWIRE) -- 10/04/2012 -- Payday.net has just released a brand-new online article covering cash advances and the charges associated with them. The article “Rates & Fees” gives detailed information on the factors that determine what it will ultimately cost a consumer when they take out a quick cash loan. Individuals who read the piece can learn why interest rates and fees are different from one cash advance lender to the next. They can also gain a better understanding of what to expect during the Payday.net preapproval process.
“When people take out fast cash loans, they might miss crucial information that could be costly,” says Payday.net spokesperson Ellen Patterson. “If they end up paying rates and fees that are much higher than they expected, this can lead to even bigger money problems than they were previously experiencing. We want to make sure that prospective borrowers know exactly what amount they will be paying when they agree to accept a cash advance. We want to give consumers the power to make more informed decisions on money matters so they can get their finances back on track.”
Individuals with bad credit often have a hard time getting approved for bank loans, and when these people really need money quickly, cash advances — otherwise known as bad credit payday loans — are a viable option. Cash advance lenders do not take potential borrowers’ credit scores into consideration when making decisions on which applications to approve. Since they are taking a greater risk by loaning money to consumers with poor credit, however, they often charge rates and fees that are somewhat higher than those charged by traditional lenders. These figures can vary widely depending on a number of factors, including the laws in the state where an applicant resides.
Payday.net specializes in helping consumers with bad or nonexistent credit obtain loans from reliable lenders. The company is not a lender itself and has no control over the fees and rates that lenders charge; rather, it simply offers a free service that matches consumers up with lenders in their area. There are no fees to apply for any loans through the Payday.net website.
Once a consumer has filled out an application and is preapproved for a loan through Payday.net, they are redirected online to lenders who have offers for them. Each lender must provide detailed information on all of the fees attached to the loan they are offering, along with a clear explanation of the loan interest rates. This helps the consumer decide if they should proceed with that lender’s offer or search for a different one. The federal Truth in Lending Act guarantees that consumers will have all of the information they need before they commit to a cash advance. If they decide to accept a particular loan offer after exploring its terms, all they need to then do is provide the lender with an e-signature.
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