Internet Resource Helps Wisconsin Residents Protect Themselves from Predatory Lenders
Los Angeles, CA -- (ReleaseWire) -- 01/17/2012 --With the economy continuing in long-term instability, many consumers have turned to payday loans as a convenient way to get fast cash for financial emergencies. In response to increased demand, CashAdvance.com announces the launch of a new Consumer Protection page to help Wisconsin borrowers stay informed and properly equipped to identify and avoid fraudulent lenders.
“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 Wisconsin; however, state law does impose restrictions on cash advances. Loans cannot exceed $1,500 or 35 percent of the borrower’s gross monthy income; whichever is less. There are no term limits on Wisconsin payday loans, nor are interest rates capped; lenders are free to charge as much as consumers are willing to pay. There are no limits to the number of loan “rollovers” borrowers can use. A “rollover” is a controversial practice wherein a borrower is allowed to take out a new loan before paying back an outstanding balance.
There are other restrictions and obligations that Wisconsin state law imposes, both for lenders and borrowers. CashAdvance.com’s Wisconsin Consumer Protection page lists alternatives to payday loans, as well as contact information for state consumer agencies charged with overseeing consumer borrowing.
According to leading CashAdvance.com financial news expert Adam Hilliard, "Our Wisconsin Consumer Protection page will dispel any misconceptions or uncertainty surrounding the cash advance process in Wisconsin, 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."