CashAdvance.com Warns That Delaware Cash Advance Laws Often Give Advantage to Lenders

Dec. 1, 2010 - PRLog -- Consumers should always understand their rights prior to getting a cash advance.  However Delaware borrowers should be especially careful, as there are many ways a lender could take advantage of a consumer’s lack of knowledge.

Delaware consumers will find that CashAdvance.com is the only provider of payday loans online seeking to educate borrowers on the local laws that govern getting a cash advance in Delaware. CashAdvance.com wants to make sure that every family fully understands the cash advance industry before taking on this financial option.

Some of the laws that govern cash advance payday loans in Delaware are:

•   Warning - There is no cap on the interest rates or fees that a lender may charge you for a payday loan.
•   The maximum loan amount for a cash advance is $500
•   Maximum loan term is 60 days
•   Four rollovers permitted

Information is also available for specific payday loan laws in Wilmington and Dover.

Because of the lack of interest rate cap, and a propensity for lenders in Delaware to direct debit fees and interest, it is very easy for lenders to continue charging a client even after their account has been emptied.  With a loan term that could be two months, and four rollovers permitted, Delaware laws do little to protect consumers from predatory lenders.

It is important to remember when you are taking a cash advance or payday loan in Delaware, that you can get a lot of information about your lender and the laws in your area from the Delaware Office of the State Bank Commissioner.

Since 1997, CashAdvance.com has been the most established and trusted name in the cash advance industry.  Educating consumers on the laws and practices in their state and community, CashAdvance.com has once again proven it is America’s Cash Advance Network.

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Since 1997, CashAdvance.com has helped over a million people get their cash advance online. We have grown to be the most established and trusted name in the cash advance industry.