CashAdvance.com Urges Borrowers to Research the Laws Regarding Payday Loans in New York
Los Angeles, CA -- (ReleaseWire) -- 06/27/2011 --Struggling financially is something that can happen to the best of us, especially in these difficult economic times. That is why consumers are looking for safe, secure ways to get out of debt without digging deeper into a financial crisis. Fortunately, cash advances are available for residents in New York and serve as an effective short-term solution for financial difficulties.
A cash advance in New York is generally used for emergency situations, such as unexpected bills, medical emergencies or personal matters. Since a payday loan is for a small amount of money and borrowed for a short length of time, many borrowers assume these loans are fool-proof. It’s important that borrowers understand what the loan entails before signing in order to avoid loan predators that can cause more trouble down the line.
CashAdvance.com is the only instant loans website that is happy to provide this detailed information to consumers. In an effort to prevent the common financial problems that are faced when taking out payday loans, CashAdvance.com urges consumers to read about the rules and regulations that are specific to their state.
For example, lenders in New York cannot charge any more than 25% on a cash advance. Borrowers also have two weeks to pay off the loan and rollovers can be granted if the borrower cannot pay back the loan on time. CashAdvance.com strongly suggests getting all loan terms in writing in order to avoid discrepancies down the road. Before signing any documents, both parties should also understand and agree to everything that is on paper. Once signed, the document is legally binding.
Since there are loopholes in the law, lenders are able to take advantage of these grey areas and make more money off cash advances. It is essential that borrowers do their research beforehand in order to avoid owing more. It is also important to note that payday loans are to be used for short-term situations and not taken advantage of.