Cash Advance USA Releases Fact Sheet About Payday Loans

INDIANAPOLIS, Feb. 3, 2014 /PRNewswire-iReach/ -- Consumer misperceptions and marketing hype have given payday loans a mysterious form of anonymity. This highly publicized, and often debated, loan category is home to some of the most frivolous misconceptions and myths. In an attempt to debunk some of these myths and help consumers make more informed decisions, Cash Advance USA, a company that specializes in payday loans has released a comprehensive fact sheet.

"There are so many insights that we wanted to share with borrowers. The most common misunderstanding about pay day loans (or cash advances) surrounds credit check requirements. What many consumers do not know is that many lenders simply bypass the credit check for short term cash advance loans. There are many similar perceptions that we have debunked through our fact sheet, which is now available at http://www.cashadvanceusa.net/fact-vs-fiction.html," explains Mark Miller, CEO and founder of Cash Advance USA.

According to Miller, the fact sheet attempts to demystify some of the common misperceptions, such as:

* Credit requirements. Surprisingly, Cash Advance USA estimates that nearly ninety five percent (95%) of borrowers still believe that a stellar credit is a pre-requisite for short term loans. Fortunately, cash advance loans cater to both individuals with good and bad credit. Since many lenders within this category of loans simply do not perform credit checks, credit requirements are often not considered in the decision making process.

* Myths about inquiries. Another complaint put forward by consumers revolves around the myth that an online pay day loan application will trigger penalty points and a hit on the credit report. "That is simply untrue," says Miller. "A credit check is not performed for most applications."

* Application complexity. A personal loan application, such as the one provided on Cash Advance USA is a simple thirty second loan application. There are no complex paper work requirements and funds are deposited into the borrower's account within twenty four hours.

* Lender reputation. Contrary to popular belief, many top lenders offer low interest payday loans that nearly anyone can afford. While there may be questionable lenders in the general marketplace Cash Advance USA pre-screens nearly all its lenders to ensure only the cream lenders work with borrowers.

* Documentation requirements. This is a major one. Since short term loans are primarily offered on the basis of payroll and employment records, there aren't many documentation requirements. The paperwork required is much more streamlined as compared to the process at traditional banks or lenders.

Cash Advance USA is a reputed website where borrowers can initiate a loan application and obtain approvals for short term cash advance loans. The site features a conglomerate of lenders that work closely with borrowers to offer low cost loans. Very often, the funds make it to the borrowers' accounts within one business day. The company has been in existence for over fifteen years and has facilitated the loan approval process for over ten thousand applicants.

Media Contact: Mark Miller, Cash Advance USA Ltd, (512) 571-3828, [email protected]

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SOURCE Cash Advance USA Ltd