Payday.org Introduces Educational Feature Onto Website

Los Angeles, CA -- (SBWIRE) -- 09/28/2012 -- Payday.org is pleased to announce the rollout of a free, informative online article entitled “Lending Policy.” This new feature explains how prospective cash advance borrowers can protect themselves from unscrupulous lenders by requesting full disclosure of lending terms. The piece also explains what information consumers should be able to see before they accept any loan offer, including that regarding fees, repayment schedules, interest rates and other details that affect the terms of the loan. Individuals looking for a quick cash loan are advised to learn about the Truth in Lending Act and the regulations in place to protect them.

“The cash advance industry is not an unregulated one,” says company spokesperson Linda Barrett. “Legitimate lenders follow state and federal regulations, which establish the maximum rates and fees a lender can charge. These rules are in place to prevent dishonest lenders from introducing extra fees or increase interest rates after a contract has been signed. At Payday.org, we only work with lenders who have agreed to follow all regulations to help safeguard consumers against predatory lending practices.”

Payday.org specializes in helping consumers acquire fast payday loans. These small, short-term loans — which are available in amounts of up to $1,000 — are primarily supposed to be used for emergencies and normally must be repaid within 30 days. Payday.org does not offer loans directly. What the company does is connect borrowers and lenders. Because of this, it isn’t possible for a consumer to see what the specific rates and fees associated with a loan will be until they actually receive a lender’s offer to examine.

Loan amounts and associated rates and fees can vary depending on a number of factors, including location. Some states have a fixed rate established for cash advances, while others give lenders discretion on how much they want to charge. Since interest rates, fees and repayment terms can vary widely among lenders, it’s considered extremely important for prospective borrowers to closely review all offers received.

Once borrowers have decided on an offer to accept, they simply have to sign the lender’s contract electronically and then wait for the money to be deposited into their bank account. There’s no need for them to drive to a local loan office to pick up the cash or wait for a check to arrive in the mail. Funds are usually delivered within 24 hours. This quick delivery time is one of the main reasons people choose cash advances over other types of loans, which can take days or even weeks for approval and delivery.

Another major benefit of a cash advance is that no credit score is required of loan applicants. This means that people with no credit history should qualify as long as they can meet the basic requirements, such as being at least 18 years old, being able to provide proof of steady income, and having a bank account in their name.