New Agency Works to Educate Consumers on Payday Loan
Los Angeles, CA -- (ReleaseWire) -- 09/08/2011 --The Consumer Financial Protection Bureau began full operations last week with the goals of enforcing lending laws and educating consumers and lenders on the risks, benefits, and laws of all forms of lending and debt. CashAdvance.com has worked tirelessly to make sure consumers are able to make informed decisions when borrowing and applauds the newest federal institution.
According to Elizabeth Warren, the head of the CFPB, “We all lose when consumers cannot readily determine whether they can afford to pay back their loans. We all lose when lenders routinely sell credit in ways that hide the risks and costs. We all lose when a broken consumer credit system magnifies risks throughout the economy. We can do better.”
In order to keep its consumers the most informed in the industry, CashAdvance.com tasked its team of financial experts with creating a cornucopia of educational resources. A Scam Advisory page has been created for the explicit purpose of teaching users how to identify potential scams and what they can do to protect themselves. Supplemental articles on scams cover both old tricks, such as check fraud, and new ones such as ATM skimming and malware.
CashAdvance.com also works to update the Consumer Resource section with the latest details on the payday loan industry for every state in the country. By accessing the Resource for their home state, consumers can find out all the latest regulations on loans, the contact information for the regulatory bodies, and even alternatives to payday loans.
Supplementing both of these resources is the Finance News section. Here consumers will learn all the latest news affecting the world of finances. Also included is a news category on personal finance in which readers can learn tips on saving money, minimizing the risks of a payday loan, and planning for the future.
The creation of the Consumer Financial Protection Bureau promises to empower “consumers to take more control over their economic lives.” CashAdvance.com is proud to work towards that same end.