By educating borrowers on payday loan laws in Indiana, CashAdvance.com ensures that consumers remain protected.
Indianapolis, IN -- (ReleaseWire) -- 12/17/2010 -- CashAdvance.com has released information for consumers in Indiana regarding the cash advance payday loan laws in their state. By continuing its State-by-State education initiative, CashAdvance.com continues to be the only cash advance company online that educates consumers to protect them from predatory lending.
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.
Consumers seeking a cash advance in Indiana should proceed with caution, but should do so knowing their state has put many important laws in place to protect borrowers. CashAdvance.com warns borrowers to approach their transaction with caution. Indiana has several protective laws in place to ensure borrowers are not taken advantage of or run into spiraling debt:
· Indiana allows a maximum of $550 or 20% of the borrower’s monthly income for cash advance loans
· Finance charges are limited to 15% on the first $250 loaned, with 13% up to $400, and 10% up to $500
· Borrowers may only have one loan per lender and only two loans total
· After six consecutive loans, you must have a seven-day period without loan activity as a “cooling off period”
· No rollovers of loans
· Lender must cooperate with borrower to structure a repayment plan, free of cost, if the borrower has had three consecutive loans with that lender
Additional information is also available for specific laws governing payday loans in Indianapolis, with other cities and communities being added everyday. For more information, visit http://www.cashadvance.com/indiana
Cash advance payday loans are not long-term financial solutions. They are intended for short-term financial emergencies, and it is important to pay them back as soon as possible. Consumers should take out cash advances responsibly, and make sure to educate themselves on the laws in their state and community.
CashAdvance.com has been the most trusted name in the cash advance industry since 1997. By 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.