Article Makes It Possible for Potential Borrowers to Learn About Cash Advance Process
Los Angeles, CA -- (SBWIRE) -- 10/24/2012 -- PaydayNow.com is pleased to announce the launch of a new online article entitled “How It Works.” This article joins a number of other pieces aimed at helping consumers better understand the ins and outs of cash advances, including the standard charges associated with them, federal and state lending regulations, and what’s involved in acquiring one of these loans. The article also explains how much a person can borrow, the loan timeframe and how to start the loan process.
“A cash advance is a sort of micro-loan,” says company spokesperson Laurie Pace. “Borrowers can ask for up to $1,000 to help pay off a bill or address an emergency expense. Because the loans are small, the criteria to qualify for one is also much more relaxed than what you would face at a bank or other similar lending institution. People who would never qualify for a traditional loan can usually qualify for a quick cash loan through our website.”
PaydayNow.com allows people with a less-than-perfect credit history to obtain the money they need quickly and without hassle. When applying for a payday advance, potential borrowers only have to fill out a short online form and provide some basic information, including their home and work phone numbers, proof that they earn a steady monthly income of at least $1,000 after taxes, and a valid email address. Loans are only given to American citizens or permanent residents who are at least 18 years of age.
Once a consumer submits their application, PaydayNow.com evaluates it and issues a decision in a matter of minutes. The company does not directly offer loans. Instead, it acts as an intermediary between prospective borrowers and prescreened, reputable lenders. Once PaydayNow.com approves a consumer’s application, lenders have a chance to contact the person with their offers. By law, each offer is required to specify everything an individual needs to know to make an informed decision.
Because the lenders know they are competing with each other to get the consumer’s business, they will always offer their best rates and loan terms. This works to the advantage of the borrower, who then has a chance to evaluate different offers and decide if any of them are appealing. If none of the offers are to their liking, they can choose to walk away, and there will be no further obligation on their part or any fee charged. If they choose to accept one of the offers, all the consumer needs to do is e-sign the lender’s loan contract and wait for the money to be delivered directly into their bank account, which will happen within one business day.
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