The Federal Housing Finance Agency has decided to help potential borrowers avoid scams. Now, everyone can check the fact sheet that debunks myths and clarifies facts about Instant Cash Advance Online and other loan services. By focusing on industry secrets, the sheet aims to make your life easier when it comes to borrowing money.
Consumer misperceptions have turned cash advance online services into a mystery. This incredibly publicized, and often discussed, loan category is surrounded by the most frivolous misconceptions. In order to help consumers make more informed decisions, the Federal Housing Finance Agency demonstrated a strong initiative. Being specialized in financial affairs on the private and business levels, the agency knows what to recommend to average clients.
The most common misunderstanding about cash advances is associated with credit check requirements. However, many clients don’t know that many lenders bypass the credit examination for short term cash advance loans.
According to Mark Miller, CEO and founder of Cash Advance USA, the loan fact sheet is a valuable asset in the world of finances. It is perfect for demystifying some of the most common misperceptions, such as:
- Credit requirements. The Federal Housing Finance Agency states that almost 95% of borrowers still believe that a stellar credit makes up the basis for short term loans. Luckily, cash advance loans are delivered to both individuals with good and bad credit. While many lenders skip credit checks, credit terms and conditions are often not involved in the decision making process.
- Myths about inquiries. Many clients complain about penalty points that might affect the credit report. Is it true? Not really. A credit check is not conducted for most applications. Because it’s not so important for reviewing and issuing a requested sum of money to the applicant. In this situation, it has nothing to do with potential risks.
- Application routine. A cash advance online application doesn’t take much time and effort. It usually takes just a few minutes of your time. There are no complex paperwork requirements. In most cases, you won’t need to provide anything apart from ID copy and proof of income. At the same time, the requested funds are transferred into the borrower’s account within 24 hours.
- Lender’s image. Unlike popular belief, leading lenders provide low interest payday loans that can hardly be afforded by someone. While there may be suspicious lending companies in the general marketplace, the Federal Housing Finance Agency tries to teach you how to pre-screen platforms before relying on them.
- Documentation requirements. Since short term loans are mainly offered on the basis of payroll and employment documentation, there aren’t many requirements. The paperwork required is much more streamlined. This is especially the case when you compare online lending companies like Instant Сash Advance with traditional banks or lenders.
The Federal Housing Finance Agency is tired of dealing with countless complaints coming from borrowers. What is wrong? Why did it happen? What needs to be done? It is a well-reputed website where borrowers can initiate a loan application and get approvals for short term cash advance loans.
Once you make the right choice by following the instructions of the fact sheet, you will submit an application and get your money within 24 hours. A reliable lending company like Instant Сash Advance will make sure to do everything smoothly to minimize the potential inconveniences for its clients.