Convenient Internet Resource Gives Users a Road-Map to the Oregon Payday Loan Industry
Los Angeles, CA -- (ReleaseWire) -- 01/02/2012 --With money tighter than ever before because of the struggling economy, many consumers have opted to take advantage of payday loans to obtain cash in an emergency. However, consumers should be aware that the payday loan industry has become a fertile breeding ground for scams and unscrupulous, even unethical business practices.
CashAdvance.com has created the Oregon 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 scams.
“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 and providing recourse to regulatory agencies capable of remedying fraudulent lending practices.”
Unlike some other states, which have banned the practice outright, the state of Oregon allows cash advance businesses to operate within the state. However, the state has imposed a series of stringent regulations on the payday loan industry. Annual interest rates cannot exceed 36%; loan amounts, as well as fees and interest rates, cannot exceed 30% of a borrower’s monthly income; loan terms range from 31 to 60 days; loans may only be extended or rolled-over twice; and a consumer may have only one outstanding loan at a time.
Because of these regulations, it is difficult to operate an Oregon cash advance business profitably in the state. However, there are roughly 450 payday lenders in Oregon to provide consumers with emergency funds. CashAdvace.com’s Oregon Consumer Protection page has further information.
According to leading CashAdvance.com financial news expert Adam Hilliard, "Our Oregon Consumer Protection page will dispel any misconceptions or uncertainty surrounding the cash advance process in Oregon, 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."