CashAdvance.net Expands Consumer Education Section

Cash Advance Net

(PRWEB) February 25, 2012

CashAdvance.net announces the launch of its new “How It Works” segmented, designed to educate prospective borrowers about the cash advance process. The company connects borrowers with its proprietary network of lenders, who specialize in short-called, unsecured lent meant to cover unexpected expenses for populated caught between paychecks. The new content covers crucial information, including interest rates, fees, repayment options, loan qualifications, and more.

“We want to make sure borrowers understand the cash advance process and their obligations before they apply for a payday loan,” says company spokesperson Michael Vaughn. “Most of the articles teach potential borrowers about how to apply for a payday loan, how interest rates and fees are determined by lenders, the payday loan repayment process, and how select the right lender. Our goal is to help customers make sound borrowing decisions.

Generally, borrowers seeking a cash advance do not have to submit credit or tax information to apply for a loan. Most borrowers are approved if they can verify employment of more than 90 days and have an income of at least $ 1,000/mo. after taxes. Often, a borrower is pre-approved within minutes after completing an online application. Once their loan is approved, customers will receive their loan funds within one business day via direct deposit.

In addition to employment and income requirements, borrowers must also be 18 years of age and an U.S. citizen or permanent resident to qualify for a payday loan. Customers usually must provide proof of age and employment to their chosen lender when applying. Borrowers also must have a valid checking account in their name, a valid email address, and provide work and home phone numbers.    

The normal amount that customers can borrow is between $ 100 and $ 1,500. Customers must repay their loans within 31 days, or they can make arraignments with the lender if they cannot pay on time. The new educational materials outline the steps borrowers should take to arrange a repayment plan with the lender. The new section on CashAdvance.net provides customers with a clear understanding of the payday loan process, so that they can make informed financial decisions.

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