Helpful Web Page Helps Users Understand the Rhode Island Payday Loan Industry
Los Angeles, CA -- (ReleaseWire) -- 01/05/2012 --In these increasingly uncertain economic times, more and more consumers are turning to payday loans as a way to obtain cash for financial emergencies.
CashAdvance.com has created the Rhode Island 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.”
The state of Rhode Island, unlike some other states which have banned the practice altogether, allows payday lending. However, the state has imposed regulations on Rhode Island cash advances, which the consumer ought to know about. The maximum loan amount is $500; loans have a minimum term of 14 days with no maximum; interest rates are capped at 15%; deferred payment is legal in some cases; fees are allowable, and may be assessed based on services rendered. Lastly, Rhode Island, unlike other states, allows consumers to take out three payday loans simultaneously, although this practice is officially discouraged.
CashAdvance.com’s Rhode Island Consumer Protection page has further information on these short-term loans, their providers, and the terms and conditions that accompany them, as well as information about Consumer Protection agencies available to help.
According to leading CashAdvance.com financial news expert Adam Hilliard, "Our Rhode Island Consumer Protection page will dispel any misconceptions or uncertainty surrounding the cash advance process in Rhode Island, 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."