CashAdvance.com continues educating borrowers on local payday loan laws
Springfield, IL -- (ReleaseWire) -- 12/10/2010 -- CashAdvance.com continued its State-by-State education initiative, releasing information to consumers in Illinois about the laws that govern getting a cash advance in their state.
By continuing to educate consumers about cash advance payday loan laws in their state, CashAdvance.com is the only provider of online cash advances that seeks to keep consumers informed so they make the best decisions about their financial future – especially during this all important holiday season.
For consumers looking to get a cash advance in Illinois, CashAdvance.com warns borrowers to approach their transaction with caution. However unlike many states that are very liberal in the way they allow payday lenders to do business, Illinois is not counted in that group. Illinois has several protective laws in place to ensure borrowers are not taken advantage of:
• Illinois allows for only $15 in interest on the first $100 borrowed, and only $10 on each $100 thereafter
• Finance charges are limited to $35 per cash advance
• Rollovers are allowed, but may not be issued if the total value of the loan will be more than 20% of consumers monthly income
• There are additional protections against lenders rolling over loans
Additional information is also available for specific laws governing cash advances in Springfield, with other metropolitan areas being added everyday.
It is important to remember when taking a cash advance or payday loan in Illinois, or any state for that matter, that the loan should be paid back upon receipt of the next paycheck to ensure payment of the least amount in fees and interest.
Cash advances should be used for short-tern financial needs only. They are not a long-term financial solution and should not be abused.
Since 1997, CashAdvance.com has been the most established and trusted name in the cash advance industry. Educating consumers on the laws and practices in their state and community, CashAdvance.com has once again proven it is America’s Cash Advance Network.