New Page Provides Resources to Prospective Borrowers
Los Angeles, CA -- (ReleaseWire) -- 12/30/2011 --In these troubling economic times, many consumers have availed themselves of payday loans as a means to obtain cash in an emergency. CashAdvance.com announces the launch of the new Oklahoma Consumer Protection page, as well as similar pages for every state in the union, in order to help consumers stay informed, up-to-date, and properly equipped to identify and avoid scam artists posing as payday lenders.
“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 they can actively preserve their rights while providing recourse to regulatory agencies capable of remedying fraudulent lending practices.”
Unlike some other states, which have banned the practice outright, the state of Oklahoma allows cash advance businesses to operate within the state. However, under the Oklahoma Deferred Presentment Service Act, the state has imposed regulations on the payday loan industry. This state law has resulted in interest rates on payday loans lower than comparable loans in other states. For example, interest rates on loans below $300 cannot exceed 15%, and interest rates on loans above $300 cannot exceed 10%. Additionally, loans must be repaid within 45 days.
Oklahoma state law requires Oklahoma cash advance businesses to meet strict requirements: loans cannot be “split” to extract more interest, and businesses must apply for new permits when opening new locations. CashAdvace.com’s Oklahoma Consumer Protection page has further information, as well as contact information for state consumer protection agencies.
According to leading CashAdvance.com financial news expert Adam Hilliard, "Our Oklahoma Consumer Protection page will dispel any misconceptions or uncertainty surrounding the cash advance process in Oklahoma, 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."