CashAdvance.com strives continually to ensure consumer protection by providing the knowledge and resources necessary for consumers to make informed financial decisions.
Santa Monica, CA (PRWEB) December 09, 2011
As unemployment statistics remain stuck at 9 percent nationwide, many consumers have turned to a Texas cash advance as a quick, convenient way to help keep their household afloat — only to get lost in a maze of shady lending operations. In response to the growing need for accurate information, CashAdvance.com is launching its new Consumer Protection page for Texas. The new page helps ensure that Texans seeking a payday loan know the lending laws in their state, and are properly equipped to identify and avoid scam artists who try to take advantage of desperate borrowers.
“CashAdvance.com strives continually to ensure consumer protection by providing the knowledge and resources necessary for consumers to make informed financial decisions,” says CashAdvance.com spokesperson Hanna Wellman. “The Consumer Resource pages are a wealth of information arming consumers with the resources with which they can actively preserve their rights and providing recourse to regulatory agencies capable of remedying fraudulent lending practices.”
Unlike some states, which have banned the practice of payday lending, Texas allows payday loans, but with certain limitations. Indeed, payday lending is flourishing in the Lone Star State with over 1600 locations available to consumers. However, the state has imposed a number of regulations on payday loans that consumers ought to know. Repayment terms range from 7 to 31 days; and while there is no state-sanctioned cap on loan amounts, most lenders top out at $500. The Annual Percentage Rate (APR) is capped at 48%, and “splitting” a loan in order to collect more interest is illegal. CashAdvance.com’s Texas Consumer Protection page has further information on these popular short-term loans, their providers, and the terms and conditions that accompany them.
The updated site makes it easy to apply for a payday loan in as little as five minutes. Prospective borrowers need only provide basic contact information, as well as proof of employment, U.S. residency and a bank account number.
According to CashAdvance.com financial news expert Adam Hilliard, "Our Texas Consumer Protection page will dispel any misconceptions or uncertainty surrounding the cash advance process in Texas, equip you with practical advice for averting financial crisis, answer your myriad loan questions, and ultimately guide you on the road to a safe Texas cash advance and taking control of your financial future."