Consumers Can Now Learn About Their Rights When Taking Out a Cash Advance
Chicago, IL -- (SBWIRE) -- 09/13/2012 -- USAPaydayLoan.com is launching a new online educational article entitled “Lending Policy” to help customers learn more about the rights they have when taking out a cash advance. This article teaches consumers about the Truth in Lending Act (TLA), which protects borrowers by dictating what a loan contract should include. Readers of the piece will also learn about fair debt collection practices, federal regulations and individual state regulations, so they know what to expect after they sign on the dotted line.
“Consumers are often unaware of what their rights are when taking out a cash advance, and our new article aims to fix that,” says company spokesperson William Gray. “One of the main things readers will learn from the piece is that they are protected by law when they borrow money from cash advance lenders, as these lenders are not only bound by federal regulations, but they also have to follow the laws of each state in which they operate. Of course, that also means the fees and repayment rules might vary depending on where the borrower lives, so it’s important that people read the fine print before signing a loan contract.”
Loans provided by USAPaydayLoan.com’s affiliated lenders comply with all federal and state laws. Consumers are informed of any and all fees and rates associated with a loan before they agree to it. This allows them to compare several USA payday loan offers to decide which one presents the best terms. There’s never any obligation on their part to agree to an offer, so consumers are free to walk away if they are not satisfied with the conditions outlined in the loan contract.
The company connects consumers to lenders offering quick, hassle-free loans in amounts ranging from $100 to $1,000, and although people normally take out these loans to deal with emergency financial expenses, a borrower has the freedom to use their money for whatever they choose. Because borrowers don’t need to disclose to USAPaydayLoan.com how they plan to use their funds, loan applications are processed quickly and the approval rate is high.
USAPaydayLoan.com does not require loan applicants to submit credit scores but instead just asks them to meet a few simple requirements. Those who earn at least $1,000 per month after taxes and have been employed for at least 90 days have high chances of being approved for a loan. Applicants will also need to provide other basic details during the application process, including contact information and proof of age (loans are available to people 18 years of age or older).
Since cash advance borrowers generally are expected to pay back their loan with their next paycheck, USAPaydayLoan.com normally will set them up with convenient automatic repayment so the money can be directly debited from the borrower’s bank account on a specified date. This prevents late payments and fees that can result from defaulting.
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