Payday Loan and Cash Advance Loans - Are Payday Loans Friend or
Foe?
Payday Loans Provide Cash Advances, Helping Households in Troubled
Times
CLEVELAND, Tenn. (Business Wire EON/PRWEB ) October 27, 2008 --
Payday Loans have become a hot topic in recent months. Amidst proposed
legislation in Ohio, a heightened state of political awareness in the
days leading up to our 2008 Presidential Election, and news of a
floundering national economy, the Payday Loan industry has come under
fire in recent months. Reports citing exorbitant interest rates, usually
taken out of context, continue to refer to Payday Loan companies as
crooks, opportunists, and loan sharks. In their defense, however, many
Payday Lenders attest that they provide a valuable service to consumers,
especially in these financially-unstable times.
Check Into Cash, a national Cash Advance company headquartered in
Cleveland, Tennessee, along with other Payday Loan providers, has
adopted a set of Payday
Loan standards that is very pro-consumer and which “balances
consumers’ interests with those of the
industry.”
In addition to adopting such a policy, Check Into Cash has recently
begun to offer services beyond traditional short-term cash loan or cash
advance services, with the goal of providing alternatives to aggressive “payday
loan alternatives” such as bank and credit
union overdraft fees. Among the emerging services offered by companies
like Check Into Cash are reloadable cards, online bill pay, and online
payday loans. Ultimately, by taking advantage of these services,
consumers may avoid paying even more expensive fees charged by consumer
service providers for late payments and reconnect charges by assuming a
short-term cash loan.
When financial options are limited by the constraints of a tight
economy, payday cash advance lenders like Check Into Cash may offer a
viable alternative to incurring further charges, which ultimately affect
consumers’ household budgets.
For more information about payday advance providers who have adopted
pro-consumer standards, visit the Community Financial Services
Association of America at www.cfsa.net.
MULTIMEDIA GALLERY http://www.businesswire.com/cgi-bin/mmg.cgi?eid=5814000
See the original story at: http://eon.businesswire.com/releases/payday_loan/cash_advance/prweb1533004.htm
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