Updated Website Explains Cash Loan Rates and Fees
Los Angeles, CA -- (SBWIRE) -- 10/12/2012 -- InstantPayday.com has recently published a new, free online article called “Fees” that thoroughly explains the interest rates and fees associated with quick cash loans. Readers of the material can gain a better understanding of how lenders calculate these standard charges. The article contains essential information that consumers are advised to know before agreeing to accept a cash advance. Among other things, the piece points out that cash advance lenders base their rates and fees on a number of factors, which means that these figures vary widely from lender to lender.
“When people who are already struggling with their finances take out loans and then are hit with charges that are higher than expected, this can be a major setback,” says InstantPayday.com spokesperson Joseph Morello. “Our company is devoted to helping people make sound financial decisions when it comes to cash advances. We want them to get the money they need without having to pay more than they can afford. With our newly posted resource, we are ensuring that people know what to expect when it comes to the costs connected to quick cash loans.”
Cash advances, or instant payday loans as they are sometimes called, make it easy for consumers to get money for emergency expenses, but some people worry about hidden costs with them. However, the federal Truth in Lending Act does not allow lenders to make it difficult for consumers to find out what the rates and fees are on these loans. Lenders have to fully disclose these exact figures and explain them in terms that the average consumer understands. Consumers will find that the rates and fees which lenders charge can vary quite a bit. If consumers are not satisfied with what a particular lender offers them, they are free to look for one offering terms they find more acceptable.
Those who look for lenders through InstantPayday.com will not be charged any application fees. The company does not provide cash advances itself; instead, it matches consumers up with reputable lenders located in their area. This service is provided free of charge, and consumers are under no obligation to accept any loan offers they get once they have been approved for assistance.
Some consumers are hesitant about applying for cash advances because they have bad credit, but InstantPayday.com does not consider an individual’s credit rating when deciding whether or not that person qualifies for financial help. Consumers do not need to have a certain credit score in order be eligible for a loan, and a bad score will not lead to a higher interest rate. Loan rates are calculated using other factors, such as a customer’s income and the lending laws of the state where the potential borrower is located.
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