PayDayCentral.net Announces the Rollout of Comprehensive State-By-State Directory of Laws Applicable to Payday Loans
ORLANDO, Fla., Dec. 23, 2011 /PRNewswire/ — PayDayCentral.net has today announced the rollout of a comprehensive directory of information on state legislation relevant to payday loan financing. The site features a “pull-down” menu that allows site visitors to choose their state of residence, and the site pulls up a short and easy-to-read summary of regulations applicable to payday lending in their state.
David Turner, spokesperson for the site, was quoted as saying, “What consumers may not realize is that each state in the US has its own laws that deal with pay day loans. These laws can vary significantly from state to state; for example, payday loans in Colorado are covered by a different set of state laws than payday loans in California, so consumers should learn what laws are applicable in their state.”
Continuing further, Turner stated, “These state regulations cover things like the maximum amount that consumers can be charged in financing fees, the maximum amount that can be borrowed, the maximum interest rate that a lender can charge you, as well as the length of time the borrower can hold the loan before they will be required to repay it. In most cases, if a borrower cannot repay the loan by the agreed-upon due date, they will be allowed to rollover the date to a new date — an extension will be given. State legislation also determines how many rollovers will be permitted for that loan.”
In contrast to most payday loan sites that just focus on the generalities of payday lending, which are often over-saturated with all kinds of sponsored advertising such as banners and clickable ad “links” like no fax instant payday loans, PayDayCentral.net has opted to become a resource of information instead.
Said Turner, “While obviously we have information about specific lenders on our site, even there we have indexed these by state, so that consumers can see perhaps the 4 or 5 top-rated payday loan companies for their state, without having to wade through ads and links only to find that a lender is not even licensed to do business where they live. Basically, we have tried to orient our site in the direction of being helpful and informative, rather than overly promotional.”
In addition to their state-by-state listing of regulations, PayDayCentral.net also has a very prominent link to an important announcement from the FTC (Federal Trade Commission) site, which provides a basic understanding of what payday loans are all about.
According to Turner, “Our major objective here is to become nothing less than a comprehensive source of information on payday lending. We’ll give you the knowledge you need, that will protect you and also help you to get the most favorable lending terms. Whom you choose as a payday lender is your own business — our business is to help prepare you to make the best choice possible for you.”
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