Payday Network Publishes New Educational Piece

Los Angeles, CA -- (SBWIRE) -- 10/19/2012 -- Payday Network is launching a new informational article called “Requirements” on its website. The article is intended to clear up details of the application process for cash advances, so consumers understand how easily and quickly they can apply for one of these short-term loans. Readers of the piece can also acquire specific information on what requirements they need to meet in order to get approved for a loan. These requirements are few in number and very simple, making it possible for most people to qualify for assistance.

“We want this new article to shine some light on how easy it is to qualify for a cash advance,” says company spokesperson Kate York. “We don’t ask for extensive financial information, we don’t make applicants wait for long periods of time, and we don’t require a credit score. Because our requirements are minimal and easy to meet, we feel we are a good option for people who are in urgent need of financial help and not able to qualify for a loan from a bank or other similar institution.”

Through its network of affiliated payday lenders, Payday Network makes it possible for consumers to acquire loans ranging from $100 to $1,000. These are loans meant to help cover an emergency bill or expense, so consumers are free to ask for only what they need, rather than get tied to a large loan they don’t need and cannot afford to pay back. Although cash advances can carry somewhat higher interest rates than loans obtained through a bank, their ease, convenience and quick processing time make them the preferred form of financial assistance for increasing numbers of Americans.

To qualify for a loan through Payday Network, an applicant must show proof that they earn a steady monthly income of at least $1,000 after taxes. They also need to have a valid checking account, where their money can be deposited once the loan is approved. Other requirements that individuals must meet to be able to get a loan include being at least 18 years of age and either a U.S. citizen or permanent resident.

Payday Network is not a direct lender. Instead, it works with a number of lenders, who can make a loan offer directly to a consumer once the company has preapproved that person’s application. The lenders follow state and federal rules regarding fees and interest rates, as well as repayment procedures, so consumers can rest assured they will never be subject to predatory lending practices. Additionally, there is never any obligation on the part of a prospective borrower to accept a loan offer if they find it is not to their liking.