Updated Lending Site Helps Consumers Navigate Payday Loan Industry
Los Angeles, CA -- (ReleaseWire) -- 02/27/2012 --CashAdvance.com announces the addition of a new Loan Process page to its consumer-lending site. The new page serves as an online resource for New Jersey consumers who may be considering a cash advance as a means of stopgap funding between paychecks. Despite signs of economic recovery, many families in New Jersey are still struggling to make ends meet. The new Loan Process page is meant to help prospective borrowers understand the pros and cons of a short-term loan.
“Since payday loans are currently unavailable in New Jersey, the Loan Process pages offer information on alternatives to a cash advance,” said company spokesperson Kevin Scott. “Including contact information for the New Jersey Office of the Attorney General, in case people would like more information regarding lending laws in their state.”
Some of the alternatives to a payday loan presented on the New Jersey Loan Process page include:
- Contact Your Creditors – Creditors can work with you to lower your payments or create a payment plan that suits your needs.
- Overdraft Protection – This free service can usually be added to a checking account free of charge, and halts any incoming charges that would overdraw your account and cause you to incur overdraft fees.
- Employer Paycheck Advance – Try asking your employer for an advance on your next paycheck if you are afraid that you can’t wait till you get paid to get back on your feet.
- Title Loan – This is a loan on the value of a car you own clear of any encumbrances on the title, such as an auto loan. While these loans can be helpful, the borrower risks having the lender seize their vehicle if the loan isn’t repaid on time.
- Credit Cards or Bank Loans – Unlike payday loans, banks and credit cards require the borrower to have good credit to be approved, and it can take weeks before funds are available to you.
- Pawn Shop – A last-ditch solution for those who are strapped for cash. A pawnshop will pay about 10% of an item’s value. Aside from the low purchase prices, the main reason this is a last option is that getting your item back after it’s sold can be very difficult.
“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 New Jersey Consumer Resource pages offer a wealth of information arming consumers with the resources to actively preserve their rights, while providing recourse to regulatory agencies capable of remedying fraudulent lending practices.”