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What is a online cash advance? I suppose defining what online cash advances are should be our first course of action as some of you may be visiting for the first time. You can click on the link above for a little more insight, but basically online cash advances are a consumer loan under $1500 dollars that is given on a two week term or until your next payday. These loans are largely popular due to their speed of approval. You can apply both online or in person and with very little qualification criteria. Funds are deposited into your account within a couple hours making online cash advances a prime candidate for circumstances which call for emergency funds. This could be anything from car repairs so you can continue going to work each day or maybe to cover the last hundred dollars of your mortgage payment to avoid the steep payment penalties. Sound like a service you may want to take advantage of someday? This is a service that offers many benefits and advantages for todayís consumers. So why all the media slander? Lobbyists against the online cash advance industry exaggerate the truth to their own advantage in order to win over the publicís opinion. The biggest exaggerated truth is in regards to the Annual Percentage Rates charged by the online cash advance industry. The rates quoted by our opponents are not necessarily false but they are not explained in a way that is fair to the industry either. Allow me to explain this further by comparing an opponentís statement and then further explaining it. Our Opponentís Statement- Online cash advances charge 396% interest Consumers Understanding- Borrowing a online cash advance may cost them 4 times the amount of the loan in interest charges. The Truth Made Clear- 396% is the Annual Percentage Rate. The Consumer would have to pay this if they borrowed a two week pay day loan and allowed it to lapse for an entire year or 26 times in a row without every paying a dime towards their original loan amount. Donít you love how politics work? Opponents of the industry simply fail to give the consumer a fair understanding of the issues to advance their own agendas. Before legislation passed in Ohio capping interest rates at 26%, 400,000 registered voters signed a petition supporting the online cash advance industry. These consumers were educated on the issue and did not want to lose the service which the online cash advance industry provides them. They didnít want government legislation interfering with their freedom to choose how they want to spend their money. 26% APR rates, by the way, allow online cash advance stores to only profit about $1.08 per $100 borrowed. Itís no wonder 79 stores closed. Those which survived were more diversified in other businesses than their counterparts, which helped them when the caps fell on interest rates. Get your online cash advance now
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