CashAdvance.com Urges Consumers to Read the Written Agreement before Taking out a Cash Advance in North Dakota
Los Angeles, CA -- (ReleaseWire) -- 06/23/2011 --When seeking a cash advance in North Dakota, borrowers should be well informed of the laws set in place by the state. Although an easy application process, there are still many rules and regulations that consumers should be aware of in order to make the best decisions regarding their financial futures.
Before The Cash Advance Network came along, consumers were left fending for themselves, hoping that they read and understood all the details within their written agreement. Yet with CashAdvance.com, borrowers now have all the necessary information for obtaining cash advance payday loans safely and legally. CashAdvance.com is the only cash advance company happy to provide this information in order to give borrowers more control over their finances, thus making smarter decisions.
In North Dakota, the laws that govern payday loans are strict for both lenders and borrowers. These laws are intended to protect both parties, ensuring that consumers are not taken advantage of with high interest rates and fees, while maximizing the potential that lenders will get their loans paid back on time. In this state, loans are only to be given out for a maximum of 40 days and the loan limit is no more than $500.
Written agreements must be given to each borrower, and the agreement should be written in an easy-to-understand language. Consumers are also encouraged not to use payday loans as long-term financial solutions. Interest rates cannot exceed 20% of the first $300, and 7.5% of any amount over $300. If the loan cannot be paid back on time, borrowers are protected from being prosecuted, but can have legal problems if they choose to write fraudulent checks.
A cash advance is an excellent way to pay off small financial debts or handle emergency situations. These loans are not intended to be used for regular financial troubles and should not be abused in any way. To avoid additional fees or interest rates, payday loans should be paid back on time, according to the written agreement.