Updated Lending Site Educates Consumers about Payday Loan Process
Los Angeles, CA -- (ReleaseWire) -- 02/28/2012 --CashAdvance.com announces the addition of the New Mexico Loan Process Page, designed to help consumers considering a payday loan to better understand the pros and cons of short-term borrowing. Unlike some states, consumers in New Mexico enjoy unfettered access to payday loans at competitive rates.
According to CashAdvance.com spokesperson Adam Hilliard: "Our New Mexico Consumer Resource page will dispel any misconceptions or uncertainty surrounding the cash advance process in New Mexico, 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."
CashAdvance.com is not a lender; rather, the site connects would-be borrowers with a proprietary network of payday lenders offering competing rates and terms. The loan application can be completed online, and most borrowers are approved within minutes. After adding an e-signature to the lender’s contract, the borrower can expect to receive loan funds ranging from $100 - $1,500 within 24 hours.
According to the site’s New Mexico Loan Process page, the state’s Financial Institutions Division requires the following information with each payday loan application:
- Proof that borrower is 18 years of age or older
- Proof of U.S. citizenship and/or legal permanent residence status
- All current email addresses, phone numbers and mailing address (work and personal)
- Proof of employment for the last 90 days
- Proof of at least $1,000/mo. income, after taxes
The new Loan Process page also links to state consumer protection agencies, where consumers can verify if a payday lender is licensed in their state. Additionally, they will be able to view any consumer protection alerts that have been issued. The New Mexico Loan Process page was created to explain the cash advance process and help cash-strapped consumers find options to their financial troubles.
“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 are a wealth of information arming consumers with the resources with which to actively preserve their rights, while providing recourse to regulatory agencies capable of remedying fraudulent lending practices.”