Common Fast Cash Loan Misconceptions

As the laws and regulations of states change, people have trouble keeping up with what is happening in the fast cash loan industry. Many news articles try to explain things, but in order to sell a story they may exaggerate or even state outright incorrect opinions. This has created a growing amount of misconceptions about the payday loan industry. CashAdvance.com has compiled here a few of the most popular ones and why they are just rumors and gossip.

1. Cash Advance Loans Are a Scam

One unfortunate side effect of the recession has been the emergence of a growing number of scam artists trying to take advantage of people in difficult financial situations. People with mortgages have often reported phone calls claiming to help them or requesting payments on bills or risk foreclosure.

This is similar to some of the scams perpetrated by con artists in relation to fast cash loans. Posing as debt collectors working on behalf of pay day loan locations, these crooks have not only damaged the reputation of legitimate cash advance lenders, but also stolen money from people who need it the most.

2. Only People With Good Credit Can Get Fast Cash Loans

When you use CashAdvance.com to apply for a quick cash loan, you will not see any field in which you need to enter a credit score. Anyone can be approved for a loan regardless of the state of their credit history. While this creates higher interest rates than other types of loans, it also increases the availability of emergency funds to people who really need it.

3. Pay Day Loans Are Illegal

Since many states have changed their payday loan laws frequently, many people have begun to assume that the loans must be illegal. It is true that a few states do prohibit payday loans. However, the vast majority do not. In order to alleviate any confusion, CashAdvance.com has created a Consumer Resource section for every state in the country. Written by the CashAdvance.com team of expert financial writers, consumers can learn all the most up-to-date information regarding loans in their state.

4. Cash Advances Trick People Into Secret Fees and Rates

Completely false. The Truth in Lending Act specifically prohibits hidden fees on payday loans. All lenders are required to outline, in writing, exactly what charges and fees will apply to a loan before you have to sign anything. CashAdvance.com wants informed customers. In order to make sure that everyone is able to get quick cash with all the information at hand, the financial experts post daily articles on Finance News. These are available for free to anyone, even if you are not getting a fast cash loan.

CashAdvance.com has been the most established and trusted name in the cash advance industry since 1997, connecting over a million consumers with payday loans from the nation’s largest network of online lenders. Dedicated to consumer rights protection, CashAdvance.com adheres to industry best practices in its continuing efforts to ensure consumers the most convenient and reliable payday loan experience possible.