CashAdvance.com Advises Oklahoma Consumers to be Familiar with the Laws Surrounding Paycheck Cash Advances
Los Angeles, CA -- (ReleaseWire) -- 06/21/2011 --Consumers interested in applying for a cash advance in Oklahoma should be well aware of the rules and regulations involved in the process. While cash advances continue to be smart solutions for handling unexpected debts, they aren’t for everyone. A simple application process and fast approval system make payday loans attractive, but consumers need to be educated on the details surrounding the loan.
The Cash Advance Network is the only cash advance site providing valuable information on payday loans, encouraging consumers to know the rules and regulations in their state. A paycheck cash advance is an excellent way to get the funds needed in between paychecks, but it’s important to realize that borrowers will need to pay back the loan with their following paycheck. CashAdvance.com urges borrowers to understand their rights in order to avoid further financial debts.
In the state of Oklahoma, the maximum limit that a borrower can request is $500, and different rates are given based on the terms of the loan agreement. However, lenders cannot charge more than20% of the loan amount in fees, and fees cannot total more than $340 on any loan. Loans are granted for 30 days, and if the borrower cannot pay back the loan within this time frame, a new agreement will be written. Borrowers are also unable to take out any new cash advances during this time.
Although the state of Oklahoma has caps set on interest rates and fees, these extra costs can add up quickly, causing the borrower to owe a significant amount of money. Fortunately, strict rules and regulations prevent this from happening. CashAdvance.com advises consumers to read the written agreement in its entirety in order to understand the terms of the loan.
A paycheck cash advance is often the best way to handle emergency situations that couldn’t otherwise be handled. While there are many advantages surrounding payday loans, consumers are urged to be smart about their decisions in order to avoid further financial struggles that prevent them from acquiring another loan.