SAN FRANCISCO, March 13, 2013 /PRNewswire/ --
LoansForPoorCredit.net announces the publication of a new set of guidelines for American consumers to follow when looking for short term finance options.
According to the Consumer Federation of America, there were 19,700 payday loan providers in business at the end of 2010. This figure is thought to have grown by 15% in the last 2 years, says LoansForPoorCredit, with online payday loan providers representing the lion's share.
With such a vast selection of lenders to pick from, consumers can understandably feel out of their depth when attempting to navigate the sector in search of cash solutions. The checklist has been put together as a "fail-safe, universal guide" for American borrowers regardless of their state of residence or personal details.
LoansForPoorCredit.net made the announcement in the following statement released to the press.
"LoansForPoorCredit.net is delighted to share with Americans our more recent contribution to financial awareness. The U.S. payday loan market is wide and the rules governing each state's payday loans regulations vary significantly. As such, consumers can feel easily intimidated by the myriad rules, regulations and choices to be made when selecting short term loan companies. Our guide takes all of the complex considerations and condenses them down into 4 essential steps that are the same for every prospective borrower."
Upon reading the guide and following the steps, LoansForPoorCredit hopes that consumers will be able to avoid less reputable lenders and take action against them by reporting any poor conduct to the relevant authorities.
The first two steps are checking the legal status of payday loans in their state of residence and then cross-referencing loan offer against the legal requirements.
"By following our guide, consumers can be sure from the get-go if they are looking at a lender who operates in tandem with the laws of the state or in violation of them. This says a lot about the tenor of a lending company; a firm with flagrant disregard for laws will likely demonstrate a similarly poor level of professionalism towards personal details and loan terms. Be warned and be aware."
To read the free guide or apply for fast loan comparison, visit:
- Consumer Federation of America