To expand its collection of informative articles about payday loans, Payday.net has launched a new online resource with the title “Policy on Responsible Lending.” The site is offering the material with the idea that consumers searching for cash advances should be aware of the policies that will influence the contracts of loan lenders. With this information in hand, prospective loan borrowers can ensure that lenders are following the regulations set down by entities such as the Federal Trade Commission and Consumer Financial Protection Bureau.

“Payday.net strives continually to ensure consumer protection by providing the knowledge necessary for consumers to make informed financial decisions,” says Payday.net spokesperson Chuck Harrison. “Numerous articles detailing the benefits and requirements of a payday loan as well as the security of the application process help us make sure that individuals know that they are able to borrow our loans safely and with complete confidence.”

Payday.net’s “Policy on Responsible Lending” article covers the ins and outs of policies such as the Fair Debt Collection Practices Act, which prohibits lenders from using deceptive or abusive methods of collecting debt from consumers. The page also covers the Truth in Lending Act, which requires lenders to disclose details of their loan contracts, and the Dodd-Frank Wall Street Reform Act, which entitles consumers to nondiscriminatory access to bad credit payday loans. Information on state lending regulations also appears in the new content.

Since 1998, Payday.net has made it a priority to help financially troubled American families and individuals find the payday loans they need to cover emergency expenses. Rather than directly provide funds to those in tight monetary situations, Payday.net aids them in their search for loan lenders. The site’s extensive lender network allows consumers to pick and choose a loan lender contract that works in their best interests.

Filing out an application on Payday.net is a quick and easy process, and once an applicant is approved for a loan and subsequently signs a loan contract, the funds are transferred directly into their checking account by their lender in a swift and secure manner. This is advantageous to consumers who need the emergency funds as soon as possible. Payday.net advises consumers to first investigate the site’s wealth of information concerning cash advances before skipping ahead to the application process. Prospective borrowers can access various educational pieces from the site’s homepage and gain extensive knowledge. In addition to being able to learn about lending polices from the newest article, consumers can read about eligibility requirements, loan rates and fees, and the repayment process, among other topics.

For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2012/5/prweb9521695.htm

Copyright 2012 Midland Daily News. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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DOVER, Del. A bill to regulate and monitor payday loans in Delaware cleared a Senate committee Wednesday despite strenuous objections from lobbyists and representatives of the payday loan industry.

Opponents warned the Senate Banking Committee that the bill would do little to help consumers but instead would leave them with fewer financial options and could force lenders to lay off employees and move to other states.

Payday loans typically are small, short-term loans with high interest rates that effectively represent advances on a borrowers next paycheck. While borrowers usually see them as a short-term fix to make ends meet, critics say high interest rates, combined with frequent loan rollovers, often leave borrowers trapped in a cycle of debt.

Unlike previous failed proposals to regulate the industry, the current bill, which narrowly survived a House vote two weeks ago, does not cap interest rates for payday loans.

Instead, it limits borrowers to no more than five payday loans of $1,000 or less in a 12-month period, and lenders to no more than four rollovers of an existing payday loan.

One of the bills more contentious provisions calls for the creation of a database that would be overseen by the state and which lenders would use to determine whether a potential borrower already has an outstanding payday loan.

Robert Byrd, a lobbyist for South Carolina-based payday lender Advance America, said the industry was not consulted before the bill was introduced and has been unable to reach a compromise with chief sponsor Rep. Helene Keeley, D-Wilmington, and other proponents of the bill.

We dont think it should be the business of the legislature to limit the choices for consumers as to what they can and cant do, said Byrd, adding that borrowers often turn to payday lenders after exhausting other options.

They have no place else to go, he added, suggesting that borrowers will turn to loan sharks if they cant get the loans they need from payday lenders.

Carol Stewart, vice president of government affairs for Advance America, said the companys typical customer makes about $54,000 a year, has gone to college, and may be living paycheck to paycheck.

Stewart suggested that payday lenders are a viable option for people who dont want to risk the financial penalties for bouncing checks or paying bills late, or reconnection charges for utilities that have been turned off for nonpayment.

They look at their options and make an educated decision, she said.

Laird Stabler III, a lobbyist for Cash Advance Plus and the Consumer Lending Alliance, a trade group that includes payday lenders, noted that that the database lenders would have to use would include sensitive information about customers, including Social Security numbers. He said the lenders should be afforded some indemnification or immunity from liability if a security breach results in identity theft.

In a letter to committee members, Keeley, the primary sponsor, noted that the Justice of Peace Court system reported that payday lenders filed more than 2,400 cases for payday loan defaults last year. As of April, there have been more than 1,000 cases filed this year, she added.

Even payday lenders have repeatedly acknowledged that payday loans are harmful if used long-term, Keeley wrote. When meeting with citizens throughout our state, it is appalling to see how a short-term loan product is becoming a long-term debt trap for so many of our constituents.

The bill, which passed the House with only one more vote than needed for the required three-fifths majority, now goes to the Senate.

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Sydney, Australia (PRWEB UK) 13 May 2012

Even the best budgeters have been in a situation where unexpected circumstances have created an urgent need for money before their next payday. Be it for health emergencies, car repair or simply buying groceries and covering food needs, it is good to know that you have an option to fill the gap in your finances until you get paid. That is where payday loans come in handy, and in some cases turn into real life savers.

The point that the author of the newly released payday-loans-australia.org’s article makes is that despite the bad rap that this type of loans has received, when you don’t have any money and you are in an emergency situation, a payday loan can be your life saver. And as the whole process of applying and receiving cash advances is extremely quick and hassle-free, the time factor wouldn’t even worsen the unpleasant situation you are in.

According to the article, the reason for the bad name of the payday loan service is the fact that many people don’t actually use it properly. Such borrowers don’t asses their income and take out amounts that they can’t afford paying back, for things that they don’t even need so urgently. To show the contrast between necessary lending and irresponsible lending, the author of the payday loan article gives a few examples of good and bad reasons for borrowing money. The contrast between them is obvious, as on one side we have emergency needs that really have to be taken care of, while on the other side, there are reasons such as “I run out of alcohol”. And while this may sound ridiculous for most people, there are borrowers who actually use the money from the loan exactly for this reason.

The advice that payday-loans-australia.org gives to potential borrowers is to be realistic with the amount of money they apply for, because failing to pay the money back on time, would only worsen their financial situation. A payday loan should be used as a stopgap for an emergency, and then paid off right away. Only then can payday loans be a life saver.

If you want to read the full article and find reliable payday loan providers, visit http://www.payday-loans-australia.org

About Green Spiral Media

Green Spiral Media is an information agency supporting several payday loan portals. These portals feature some of the most convenient payday loan providers in Australia. The company is also committed to providing to its customers quality up-to-date information about the latest news and developments around payday loans.

Fast EZ Payday Loans specializes in fast cash online services for payday loans when you need a quick payday loan.

(PRWEB UK) 16 May 2012

Planned amendments to the Financial Services Bill have once again placed payday loan companies in the spotlight. The amendments, which have been drawn up by Labour MP for Walthamstow Stella Creasy, have been devised to tighten controls on the burgeoning industry. In a statement, Creasy said;

“The FCA may make rules or apply a sanction to authorised persons who offer credit on terms the FCA judge to cause consumer detriment. This may include rules that determine a maximum total cost for consumers of a product and determine the maximum duration of a supply of a product or service to an individual consumer.”

The industry has seen substantial growth over the last few years, as the country’s economy continues to perform badly and people are seeking alternative ways to make cash without going to traditional high street companies who are reluctant to lend. On her website, Creasy states;

“Since the start of the recession, mainstream lenders such as high-street banks have been much less willing to lend money….In 2009, the payday lending industry was worth over 1.2bn, more than three and a half times larger than in 2006, and figures for 2010 obtained by freedom of information from BIS show that this figure has now risen to 1.9bn”

With the payday loans industry up for parliamentary review many industry insiders who engage in ethical practice have understandably stepped forward to defend their businesses.

For example, these moves have been welcomed by some loans companies, who believe that they have been unfairly judged by politicians and the wider public. Tony Crowther, a representative for pay day loans company Speedy Dosh Ltd, commented;

“We at Speedy Dosh welcome these new amendments to the Financial Services Bill and encourage tighter controls on our industry. We only ever lend money to those who can guarantee repayment and work hard to show just how much money they will have to pay back – all of our charges are shown upfront and there are no hidden fees to be contested with. Unfortunately, there are still some unscrupulous lenders out there who have seen an opening to make money by misleading their customers and setting unrealistic rates, which is giving us all a bad name.”

He continued, “We set reasonable rates of repayment because we understand that times are tough at the moment. Where some companies are asking for up to 4,214% APR we are providing highly competitive rates and what we believe are attractive terms, we just wish that the rest of our industry would follow suit.”

For further information about Speedy Dosh Ltd and their working practices then visit their homepage, http://www.speedydosh.com.

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May 16, 2012

HARRISBURG, Pa. – The pluses and minuses of payday lending are playing out in Harrisburg.

The state House Consumer Affairs Committee has advanced legislation that would legalize what some call predatory payday lending. Supporters say allowing lenders to charge annual interest rates as high as 369 percent for a two-week loan will help create jobs. However, a new report from the Keystone Research Center shows otherwise, says labor economist Dr. Mark Price.

Payday lending, when you have an expansion of it, it certainly creates some jobs on the side of the payday lending operation. But it also destroys other jobs in the economy, because consumers are paying these excessive fees, which end up crowding out other spending in the local community.

While payday loans are born from the desperation of people needing money between paychecks, Price says those who dont qualify for them are better off in the long term than those who do.

There are consumers that payday lenders actually do turn down and are unwilling to make them a short-term, $300 loan. If they dont get a loan, theyre less likely to file for bankruptcy than people that the lenders actually do choose to make a loan to.

Lender fees such as those being considered by state lawmakers are what can turn a relatively small loan into an insurmountable mountain of debt, Price says.

They end up having to take out another loan, and another loan and another loan – and each time, theyre racking up these enormous fees, putting those households in worse shape financially.

Payday lending hits rural sections of the state hardest, Price says, areas that often have limited economic opportunities for residents to repay their debts. He notes that a higher concentration of these lenders is typical in rural communities, which he calls a perfect landscape for them.

The report is online at keystoneresearch.org.

Tom Joseph, Public News Service – PA
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WILMINGTON, Del., May 15, 2012 /PRNewswire via COMTEX/ –
Short-term lending resource Personal Cash Advance recently converted the entire site to a secure domain that offers consumers a higher level of security and confidentiality.

The site, now located at
https://secure.personalcashadvance.com , has employed Secure Sockets Layer (SSL) technology on every page of the site which encrypts user data and browsing information. Previously, this technology was put in place exclusively for the application form and confirmation. The new safeguard will offer increased protection to all customers and visitors to the site according to company spokeswoman Melissa Waters.

“We believe that Personal Cash Advance has become the first company in the online payday industry to use SSL for the entire website,” Waters said in a recent interview. “We have protected our customer information from day one. We simply expanded this high level of security to every page of the site to reduce confusion.”

The site specializes in pairing consumers with reputable online lenders while also including relevant information about short-term financial planning and budgeting. From the site:

Personal Cash Advance is the fastest way to obtain secure, online cash advances and payday loans. Signing up and qualifying for a payday loan is quick and easy, and in many cases there are no documents to fax depending on the lender that accepts your loan request.

Waters believes consumers will appreciate the higher level of encryption offered throughout the entire site, without any interruption.

“Instead of moving back and forth between secure browsing sessions during the application process and regular sessions when learning more about short-term loans, every interaction on our new site is protected using the latest technology,” Waters said. “This extra layer of protection will give consumers extra peace of mind when using our service from start to finish.”

For more information or to connect with Personal Cash Advance, Visit
http://www.facebook.com/pcaCares or follow @PcaCares on Twitter. The company can also be reached toll free at 866-249-2295.

Melissa WatersPersonal Cash Advancemwaters@personalcashadvance.com

SOURCE Personal Cash Advance

Copyright (C) 2012 PR Newswire. All rights reserved

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Liane Anderson, of Carson City, was sentenced on Tuesday to 40 to 102 months in prison following her conviction for felony Obtaining Money by False Pretenses and Fraudulent Use of a Credit Card.

Anderson, 45, admitted to accessing the bank account and credit cards of her 83 year old mother, Amy Anderson, also of Carson City, and making numerous unauthorized purchases, withdrawals, and cash advances. Police reports indicate that, for a period of more than one year, Liane Anderson accessed her mother’s account and credit cards to buy gifts on Amazon.com, for cosmetic injections, and to post bail for a methamphetamine dealer in jail in Carson City. She also applied for credit cards using her mother’s name. The total loss was estimated to exceed $50,000.

District Court Judge James Wilson sentenced Anderson to a maximum term of 28 to 72 months for the crime of Obtaining Money under False Pretenses and to a consecutive term of 12 to 30 months for the crime of Fraudulent Use of a Credit Card. Anderson must serve a minimum of 40 months before parole eligibility. She was also ordered to reimburse $20,000 in restitution.

District Attorney Neil Rombardo applauded the sentence, stating, “Older members of our community are being targeted more frequently than ever for financial victimization, often by members of their own family. This type of financial exploitation has an everlasting impact on these victims, who will likely never recover from the loss inflicted on them. This sentence sends a message to all that we will prosecute vigorously all cases involving exploitation of the elderly and we will seek long prison terms.”

Amy Anderson was unable to attend the sentencing hearing, but the victim’s son, Gregg Anderson, traveled from California to ask Judge James Wilson to punish the defendant, his sister, as severely as possible. In a letter he read in court, Mr. Anderson said, “It was incomprehensible to me that Liane could do this to our mother. My wife and I have tried to help Liane out in so many ways. In every instance, Liane took advantage of anything that we had to offer.”

Anderson pled guilty to the charges on January 17, 2012. At sentencing, she blamed her actions on methamphetamine addiction. She told the Judge she did not want to be placed on probation, asking for a minimum prison term.

In 2010, District Attorney Rombardo established the SAVE Program, or Stop Abuse of the Vulnerable and Elderly, as a resource for senior citizens and their families in the prevention, investigation, and prosecution of elder crimes. Anyone who believes that they or a family member may be the victim elder abuse, neglect, or exploitation is encouraged to contact the District Attorney’s Office at (775) 887-2072.

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LOS ANGELES, May 16, 2012 /PRNewswire via COMTEX/ –
A recent report by the Idaho Press made the claim that Idaho is one of the most lenient states when it comes to payday loan laws. While Idaho’s laws are extremely loose, allowing short term borrowing of up to $1,000 with no interest rate cap, Loans.org set out to find whether Idaho truly is the worst in the nation. They found that one other state was much worse.

Utah, best known for Bryce Canyon and Zion national parks, brings a new meaning to the word “relaxed” with their payday loan laws.

Failing to mention any borrowing limit, Utah law permits borrowers to take out payday loans of any amount, so long as lenders are willing to fulfill such requests. Theoretically, Utah borrowers can receive a limitless amount of money on a single two-week loan if they can find a willing lender. Compare that with California, which limits short-term financing to $300.

Source:

http://www.dfi.utah.gov/PDFiles/Consumer%20Guide%20to%20Payday%20Lending%20in%20Utah.pdf

Furthermore, according to Utah’s Department of Financial Institutions, there is no usury limit in Utah. This means lenders can charge whatever rate they deem necessary. In an industry where annual percentage rates (APRs) of 300 percent to 2,000 percent are not uncommon, this is a very dangerous piece of loan anatomy to leave unrestricted.

Finally, according to Paydayloaninfo.org, a branch of the Consumer Federation of America, there is no limitation on how many concurrent payday loans an individual may take out. Borrowers are free to hop around from lender to lender, taking these cash advances out from each one they pass.

Compare such an apathetic approach to the limits in most other states, which typically allow borrowers to have only one payday loan out at a time.

For more information on short-term lending issues, go to
http://loans.org/payday to find a frequently updated library of financing information. Additionally, prospective loan applicants can access a free-to-use quote-comparison generator that is designed to help consumers receive the lowest interest rates possible.

To access the full story on Utah’s relaxed laws, readers can follow the “Questions” link at the top of any page on the site.

SOURCE Loans.org, LLC

Copyright (C) 2012 PR Newswire. All rights reserved

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Fast EZ Payday Loans specializes in fast cash online services for payday loans when you need a quick payday loan.

Top Articles to Help You Lead A Debt-Free Life

• Debt Consolidation: “Debt Consolidation” is one of the most commonly misunderstood and misinterpreted personal finance strategies that consumers inquire about all the time. While some view it as a method of taking on new loans, others see it as a debt relief alternative. It is more important than ever for inquisitive consumers to have a very strong understanding of exactly what debt consolidation entails, and the impacts it can have on personal finances.
• Debt Relief: Debt relief is defined as a partial or total forgiveness of debt. When the term is used by the government, it usually refers to the forgiveness of debt to underdeveloped countries. Recently, it has begun to refer to the millions of consumers who are overwhelmed with debt seeking financial relief from their unsecured debt.
• Credit Card Debt: Credit card debt is an example of unsecured consumer debt, accessed through credit cards. Debt results when a client of a credit card company purchases an item or service through the card system. Debt accumulates and increases via interest and penalties when the consumer does not pay the company for the money he or she has spent.
• Debt Settlement: Debt settlement programs use a third party to negotiate lower balances and interest rates on unsecured debt. This type of debt management plan helps provide consumers an alternative to bankruptcy while reducing your outstanding debt.
• Credit Counseling: There are a numerous options for consumers who want to start getting their finances under control after accumulating large amounts of debt, which could inevitably lead to credit problems further down the road. Consumers who are in control of most aspects of their finances, but still feel like they could use additional help managing their debt burden, could certainly benefit from the assistance of a consumer credit counseling service.
• How Do I Get Out of Debt?: Now that the national economy is beginning to recover and people are having a better time dealing with their personal finances, many consumers who found themselves sunk deep in debt over the last few years may be asking themselves the question, “How do I get out of debt?” Fortunately, there are a number of avenues consumers can take to get out of debt, each with benefits and drawbacks depending on how quickly people need to fix their financial problems.
• 10 Tips to Avoid the Debt Trap: Have you ever thought about why so many of the people you know are struggling with debt? Do you ever wonder why banks keep lending to certain individuals, even when they are falling behind on their payments? Did you know that debt problems are a leading cause of major societal problems, such as stress, divorce and alcoholism?
• Credit Management: Many consumers are finding themselves buried under a pile of mounting debt. With interest accumulating month after month in addition to late fees being charged, many consumers are finding it difficult to make just the minimum payments on their credit cards. Although this may seem like an endless battle, with a strict budget and some discipline there are credit management strategies and solutions that will allow consumers to reduce or even eliminate their debt.
• Credit Card Debt Reduction: In recent months, many Americans have made a greater effort to seek credit card debt reduction and reduce the balances they owe, but some may not know where to start. Fortunately, there are several options available for consumers thathave a financial goal to achieve credit card debt reduction.
• Credit problems: Paying down high levels of debt is one of the best ways to improve credit problems and increase one’s credit standing. But many people cannot do that so quickly, especially in this economy. About one-third of a credit score is based off of a credit utilization ratio, which is the total creditbalances divided by the total credit limits. A great target is to use no more than 30% of one’s available credit.

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Dallas, TX — (SBWIRE) — 05/16/2012 — Short term loans or payday loans are coming into limelight due to the efficiency provided to the borrowers. Loansongo.com does not lag behind in providing fast cash to the client with utmost convenience. The website provides additional knowledge to the loan seeker with successful lending tips. “I have found the service extremely clear and easy to use. Also the site does not charge have any hidden charges. Accessing the site is simply Follow your Nose and extremely straight forward. I recommend this site to everyone”, said one of the borrowers.

The online application form must be easy to read, understand and fill. The information that is mandatory must be required to be filled only, for example full name, zip code, address proof and the loan amount. Loansongo.com provides the form that is easy to read and use by the end user. This saves time and money. Money spent on the transportation is saved with the help of payday loans online. To add on to this, the website ensures 99% instant approval rate.

The client requires discussing with the payday loan lender each and every query that arises in the mind. Any sort of chaos must be sorted out immediately. Loansongo.com deals only with the regime payday lenders who are strictly bounded by the State laws. The procedure of giving and taking the loan is absolutely legal. The borrower is free from any kind of mental stress. The terms and condition must be well read and then only the procedure must begin. “We work as an unbiased middleman, and if any lender doesn’t meet and maintain our strict set of standards, then we won’t send you (or anybody else) to them for pay day loans. It is our number one priority that you get the cash you need and that you are treated right by the lender who gives it to you,” said the website. The borrower also requires discussing about the interest rate, and hidden fee if any. With Loansongo.com the borrower need not worry about any hidden fee.

About Loansongo.com
The website Loansongo.com is a premier online source for availing payday loans. It is featured on locations such as Google, msn, yahoo, ask, dogpile and Bing. This payday loan provider offers 24/7 hours services to meet the short-term financial solutions. Once the loan is approved, the website redirects the client to the lender’s website within fraction of seconds. There the borrower is able to review and agree to the terms and conditions of the loan. The process of applying for the loan is simple, utmost secure and safe.

For more information, please log on to http://www.loansongo.com

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