CashAdvance.com Urges Oregon Consumers to Read and Understand Written Agreements for Payday Loans
Los Angeles, CA -- (ReleaseWire) -- 06/22/2011 --Many consumers find themselves in need of a financial boost at some point in time. A cash advance in Oregon can be a sensible solution when handled properly. Although legal in the state of Oregon, there are firm rules and regulations that borrowers need to be aware of in order to avoid further financial struggles.
A cash advance is a workable solution when faced with financial debts, as it’s intended to be used for short-term situations. The cash advance acts as a loan in between paychecks, which is why most loan periods are for modest amounts of money and a period of two weeks. Since laws vary across states, The Cash Advance Network wants consumers to be educated on the rules and regulations that are specific to each state.
In the state of Oregon, a quick payday cash advance is easy to obtain and only requires proof of steady income, active checking account and valid ID. Rules and regulations have been passed in this state to protect the borrower and the lender, placing caps on interest rates, loan amounts and extensions. CashAdvance.com urges consumers to be aware of what’s in the written agreement before signing. Once the agreement is signed, the borrower must consent to what’s in the agreement.
With over 450 lenders in the state of Oregon, each is regulated by officials in order to ensure that the rules and regulations are being handled properly. The maximum interest rate may not exceed 36 percent and the maximum loan amount cannot exceed 25 percent of the borrower’s net monthly income. Loans are granted for 31 to 60 days and can be extended if the borrower cannot pay back the loan on time. No more than 3 extensions can be granted on a loan, and only one cash advance can be taken out at one time.
Cash advances are feasible solutions to unexpected debts, but should not be taken advantage of. When handled properly, a payday loan can provide borrowers with the short-term funds that are needed, without causing more financial problems down the road.