Helpful Web Page Helps Tennessee Citizens Navigate the Payday Loan Industry
Los Angeles, CA -- (ReleaseWire) -- 01/04/2012 --The economy is more uncertain than ever before, in light of which more and more consumers are turning to payday loans as a way to obtain cash for financial emergencies. However, consumers should be aware that the payday loan industry is home to cheats and con-artists out to swindle people at their most vulnerable moments.
CashAdvance.com has created the Tennessee Consumer Protection page, and the Consumer Resource Center for every state across the nation, 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 Tennessee has recognized the practical necessity of payday loans and has allowed the industry to thrive. However, the state has imposed a number of rules and regulations on the practice of payday lending in order to protect lenders and borrowers. Loan terms cannot exceed 31 days; loan amounts cannot exceed $500; interest rates cannot exceed 15%; and borrowers may only take out three loans at a time. Consumers should be aware that if rates exceed 15% for any reason, the lender is not following state law.
It is worth noting that Tennessee, along with California, is the leading provider of payday loans in the nation.
CashAdvace.com’s Tennessee Consumer Protection page has further information on Tennessee cash advances, their network loan providers, and the terms and conditions that accompany them.
According to leading CashAdvance.com financial news expert Adam Hilliard, "Our Tennessee Consumer Protection page will dispel any misconceptions or uncertainty surrounding the cash advance process in Tennessee, 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."