Web Page Helps Virginia Citizens Understand the Payday Loan Industry
Los Angeles, CA -- (ReleaseWire) -- 01/13/2012 --While today’s economy remains unstable and unpredictable, more consumers are turning to payday loans as a means to meet their most pressing financial obligations. To help consumers protect themselves from fly-by-night lenders and scam artists, CashAdvance.com announces the launch of its new Virginia Consumer Protection page, as well as similar pages for every state in the union, to help consumers stay properly equipped to identify and avoid fraudulent lending sites.
“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.”
Payday lending is legal in the state of Virginia; however, Virginia does impose regulations on the practice of cash advances. The maximum loan value is capped at $500, and the maximum period for the loan is 14 days. Interest rates are capped at 36 percent, finance fees at 20 percent per $100, and there is also a verification fee of $5. The lender may determine other fees consumers may incur, such as late fees.
There are other restrictions and obligations that Virginia state law imposes, both for lenders and borrowers. CashAdvance.com’s Virginia Consumer Protection page has further information on these short-term loans, their providers, and the terms and conditions that accompany them.
According to leading CashAdvance.com financial news expert Adam Hilliard, "Our Virginia Consumer Protection page will dispel any misconceptions or uncertainty surrounding the cash advance process in Virginia, 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."