PayDayCentral.net: Many Consumers Not Adequately Informed on Laws Relating to Payday Loans
ORLANDO, Fla., Feb. 3, 2012 /PRNewswire/ — In response to growing consumer interest and demand, PayDayCentral.net has decided to provide information on a state-by-state basis for regulations that are specifically applicable to payday lending. Instant payday loans have become very popular today, due to the economic hardships being faced by many, but this has also opened the door to unethical and illegal lending practices.
PayDayCentral.net, operated by David Turner, features an innovative interactive tool that allows visitors to select the state where they live. The tool then pulls from a backend database to display a quick-to-read yet informative summary of the laws of their state that apply to payday lenders.
“Suppose you were looking for payday loans in Michigan,” says Turner. “You can visit our site and pull up information that you really need to know before you walk into your payday loan office. Things like the maximum amount of finance charges, the limit that you can borrow, the highest interest rate that your lender can charge you, as well as the longest time you can wait before you will be required to repay the loan. Knowing this information is critical — that’s why we are providing it.”
Turner, elaborating on the current state of regulations across the U.S., maintains that the situation is very confusing: “Most people do not even know that every state in the union has its own unique set of regulations that cover all aspects of payday lending and financing. And these laws can vary in significant ways. A person who got a payday loan in one state, and who now resides in another state, may assume that the same laws apply everywhere. That’s a big mistake. Don’t assume that you are covered by the same regulations, because you are not.”
One of the things that makes his payday loan site different, according to Turner, is that the other sites just present general information. “The other sites try to focus on the basics of payday lending. They are also presenting you with a lot of advertising from their sponsors. In my mind, that hardly establishes a reputation as an unbiased and objective source of information for consumers. What they are really doing is trying to persuade you to use the services of their advertised lenders, like those who advertise payday loans in Michigan, because when you do, they receive a commission or affiliate payment.
“But if you are, on the other hand, looking for payday loans in Florida or payday loans in Virginia, what you really need to know is not information about payday loans in general, what you need to know is the specific laws that are applicable to the state where you live. What can the lender change? How much can you borrow? What is the maximum interest rate? How many loan rollovers can you have? This is the information that matters, and most payday loan sites simply don’t provide it. But our site does.”
According to Turner, using this site can actually save the consumer precious time. “It often happens that someone finds a payday loan company that they like. Their terms and conditions are attractive. The consumer spends a lot of time researching but when they try to contact them, they find out that the company is not licensed to do payday lending in their state, forcing them to start over.” Turner elaborates: “Rather than trying to push specific lenders, we provide summary information on the best half-dozen or so payday loan programs and lenders for each and every state. Our approach is to just provide useful information and let each consumer make their own decisions on who to contact. An informed borrower is less likely to become a victim of predatory lending practices.”
PayDayCentral.net was formed with the conviction that the more information a consumer has available to them, in one place, the better educated a borrower they will be. State laws change very frequently, and PayDayCentral.net puts all this information in a single location, so that you, the consumer, will always know what the laws are in your state.