New Web Page Offers Borrowers a Primer on the Ohio Payday Loan Industry
Los Angeles, CA -- (ReleaseWire) -- 12/29/2011 --With economic uncertainty set to continue into the foreseeable future, many consumers are turning to cash advances as a quick source of emergency funds.
In order to help Ohio consumers stay informed and properly equipped to identify and avoid fraudulent lenders, CashAdvance.com has created the Ohio Consumer Protection page.
“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 offer a wealth of information arming consumers with the resources to actively preserve their rights and provide recourse to regulatory agencies capable of remedying fraudulent lending practices.”
The state of Ohio does allow cash advance businesses to operate in the state (unlike some other states, which have banned the practice outright). However, Ohio has imposed very stringent and specific guidelines on payday loans: loans cannot exceed $500 at any one time and must be repaid within 60 days. The Ohio Consumer Protection page provides prospective borrowers with contact information for state consumer protection agencies and more.
It is also worth noting that Ohio state law requires individuals and businesses that offer Ohio cash advances to meet a series of strict requirements: they must obtain licenses from the state prior to offering loans; they must have a net worth in excess of $100,000; and they must have a reputation as a sound business. CashAdvace.com’s Ohio Consumer Protection page has further information on this process.
According to leading CashAdvance.com financial news expert Adam Hilliard, "Our Ohio Consumer Protection page will dispel any misconceptions or uncertainty surrounding the cash advance process in Ohio, equip you with practical advice for averting financial crisis, answer your myriad loan questions, and ultimately guide you on the road to taking control of your financial future."