Useful Web Page Assists Washington Residents in Navigating the Payday Loan Industry
Los Angeles, CA -- (ReleaseWire) -- 01/12/2012 --While the present state of the economy continues to be unsettled, many consumers are availing themselves of cash advances, also known as payday loans, in order to meet their most pressing financial needs. To help consumers protect themselves from predatory lenders, CashAdvance.com has created the Washington Consumer Protection page, as well as similar pages for every state in the union.
“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 Washington; however, Washington does impose regulations on the practice of cash advances. The maximum loan value is capped at $700; the loan term's length is limited to 31 - 45 days; lenders are not allowed to offer roll-overs to borrowers; and lenders may not charge more than 15 percent on loans up to $500 and no more than 10 percent on loans from $501 to $700.
CashAdvace.com’s Washington Consumer Protection page provides additional contact information for state consumer agencies and 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 Washington Consumer Protection page will dispel any misconceptions or uncertainty surrounding the cash advance process in Washington, 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."