Online Payday Advances Launches Lending Policy Article

(PRWEB) May 22, 2012

To reach its goal of serving as a comprehensive informational resource for consumers, Online Payday Advances has introduced a new article entitled Lending Policy to its website. The material provides consumers with the information they need to gain a thorough understanding of the rules and regulations that guide the payday lending industry. Consumers are always advised to know their rights when dealing with lenders and debt collectors.

Online Payday Advances believes that a fully educated consumer makes the best customer, and so we do as much as we can to aid in the education of prospective loan borrowers nationwide, says Online Payday Advances spokesperson Rich Stevens. Our new article dealing with payday lending policies represents the latest tool in our arsenal to inform individuals about how exactly payday loans and the lenders that provide them work. We believe it will do much to contribute to consumers knowledge of our product, and consequently, their confidence in it.

The Lending Policy resource explains many of the major policies consumers should know. These include the Truth in Lending Act, which prevents loan lenders from hiding details such as late fees and interest rates, and the Fair Debt Collection Practices Act, which prohibits dishonesty or harassment on behalf of debt collectors during the loan repayment process. The page also covers the Dodd-Frank Wall Street Reform Act, which guarantees consumers fair access to an online payday advance as long as they meet the basic requirements, such as legal age and American citizenship. Groups such as the Consumer Financial Protection Bureau and Federal Trade Commission establish and enforce the laws that will protect consumers as they navigate through their online payday advance options.

Online Payday Advances recommends that individuals who are new to payday loans start by gaining knowledge of the policies as described in the sites Lending Policy piece and then move onto the numerous other posted educational materials, all of which are accessible from the sites homepage and can be browsed for free. After perusing the materials and learning how to manage and repay the loans, interested consumers can proceed with filling out the sites simple, free loan application which normally takes just a few minutes to complete and usually obtain an approved payday advance within 24 hours.

Individuals needing to cover emergency expenses, pay off outstanding debts, or just make ends meet until their next payday can get quick assistance from a payday loan. Online Payday Advances can lead approved customers to the right loan to remedy their situation. While the site itself does not directly lend money to customers, it does connect them to its trusted lender network and allows them to choose from a multitude of loan lenders who can. A borrower usually gets to choose from several competitive loan offers, and for maximum speed and convenience, loan funds are deposited directly into the borrowers checking account.

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