PayDay2Go is proud to operate on this system of belief. By simplifying the process and offering a transparent, accessible service, they are proud to offer their clients easy access to payday loans when it is needed most.
(Vocus/PRWEB) April 14, 2011
Although a long way from becoming law, a state bill from Sen. Wendy Davis of Fort Worth, Texas, has recently passed through committee with a 5-1 vote. This bill is aimed towards providing much stricter regulation regarding the payday loans that can be received by borrowers.
Essentially, the bill would put a 15% rate cap on the loans and would severely limit the amount of the loans to a mere 35% of the gross monthly income – maxing out at $1,240. Beyond this cap, the bill would require that lenders report all statistics on their customers to the consumer credit commissioner; it would also prohibit threatening criminal charges against a borrower.
The bill has found extreme support in parties, such as faith-based associations, who are seeking stricter regulation on the lenders within the state of Texas. The bill is now on its way towards the full Senate, and while the Consumer Service Alliance of Texas approves of many aspects of the bill, the caps on loans are strongly opposed.
It is an unfortunate truth, but in many instances, payday loans can be severely misused. Shady companies can lure consumers in with false promises and then gauge them with impossible fees and rates. In this instance, the bill is an excellent way to safeguard the consumer. Payday loans, however, are not always a useless tool. In fact, when used correctly and when received from a trustworthy lender, a payday loan can be a way for the consumer to cover finances when emergencies put them in between a rock and a hard place.
PayDay2Go is proud to operate on this system of belief. By simplifying the process and offering a transparent, accessible service, they are proud to offer their clients easy access to cash advances when it is needed most. The cash advance can be used for a variety of different things; with no credit check, an online process and a commitment to confidentiality, consumers can often get the help they need when they need it.
If you are currently struggling with your finances and are in need of a cash advance to help cover you until your next paycheck, do not hesitate to seek out assistance from PayDay2Go. They understand the need for monetary relief and will do everything that they can to help you when times are tough.