Los Angeles, CA -- (ReleaseWire) -- 01/09/2012 --With the economy more uncertain than ever before, more and more consumers are turning to payday loans as a way to obtain cash for financial emergencies. However, consumers should be aware that the there are alleged lenders in the industry with such predatory practices that classify them as cheats and con-artists out to swindle people at their most vulnerable moments.
CashAdvance.com has created the South Dakota Consumer Protection page, as well as a Laws and Regulations page and Loan Process page with regionally specific information designed to help consumers stay informed, up-to-date, and sufficiently equipped to identify and avoid scams.
“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.”
The state of South Dakota's legislation acknowledges the benefits and practical necessity of payday lending and the vital assistance the industry provides to consumers. In fact, unlike other states that have strictly regulated the business of cash advances, South Dakota imposes few restrictions on lenders and borrowers. The maximum loan amount is $500; additionally, the maximum outstanding balance a borrower can have is $500--that means this $500 must be paid off before any new loans can be taken out.
It is worth noting that South Dakota does not impose limits on loan terms or interest rates.
CashAdvace.com’s South Dakota Consumer Protection page is a wealth of information on South Dakota cash advances, and the consumer protection agencies available that can verify a lender's licensure and provide regulatory recourse in the face of consumer violations.
According to leading CashAdvance.com financial news expert Adam Hilliard, "Our South Dakota Consumer Protection page will dispel any misconceptions or uncertainty surrounding the cash advance process in South Dakota, 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."
