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Consumer Credit Options Trampled in Push for Financial Regulation

The newly proposed and widely debated creation of a Consumer Financial Protection Agency (CFPA) under house legislation (H.R. 4173) have critics questioning how its regulation could realistically help the current state of economic crisis and its potential for limiting consumer credit options.

In an article by South Carolina Senator Jim DeMint, the following was stated regarding Banking Committee Chairman Chris Dodd’s (D-Conn.) proposed legislation. Senator DeMint further explained that the office will have “sweeping authority” to regulate nearly anything considered to be financial activity, from car dealerships who offer financing, to the many retailers who offer credit cards.

Another concern that the proposed agency seems to overlook is directly related to that of the consumers that they are protecting: what about the raised costs and limited choices in products available for consumers once the legislation is approved? In addition, the primary entities seemingly concerned about providing consumers with options for short-term or alternative forms of credit are those currently providing said services, and also, the same businesses that are under fire for the proposed CFPA – the payday loan lending or payday cash advance industry. Payday loans and other similar types of short-term cash loans have been on the rise since the early 1990’s, recently booming due in part to the current economic crisis. This Industry could be one of many forms of alternative consumer credit that faces being “regulated” out of existing sustainability if the CFPA receives the support and authority some senators and congressman are currently seeking. In addition, the industry will now face new federal laws, on top of existing regulations, in the name of “consumer protection,” while limiting consumer options in the process with no current proposal for alternative consumer credit options to these payday loans.

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Payday loans save your day during a financial crunch

Sometimes people have a need for some emergency funds. It is not an expected thing, but rather an unexpected need where they need funds to get through a situation. There are payday loan centers in every city all around the world, made to assist people with situations where they have an urgent need for money. When you opt for a payday loan, make sure you are taking one from a reliable source that has been in business for years rather than someone new in the business.

Look online and read customer reviews so you can find a trustworthy lender and get your loan amount in no time. They are particularly useful when you are between paychecks and have a sudden requirement for some extra money. If you do not have the time or need information on multiple lenders that can offer you a good deal, you can do so online. You can register with a site that will take your information and then offer you possible matches to choose from for your loan needs.

There is fax less payday loans as well where you can do the documentation process without the numerous hassles that go into getting sanctioned for a regular personal loan. They are required to be paid back within thirty days in most cases and they are a great option when you suddenly need money and have no other sources at hand. You can electronically set up your account to pay out the loan amount at the designated date as well, saving you the hassles involved. There will be a limit on the amount you can borrow as this loan and so you will need to know what is allowed and what is not.

The cash once approved will be sent to your account form the lender within a span of 24 hours or lesser. Many Americans find this to be a real boon especially when dealing with bad credit situations. Rather than going for some secured loans where they may lose some valuable assets they can borrow a smaller amount of money as required and pay it off soon as they get their next pay. It is quite an easy means of payment and one that is preferred as it avoids all the problems of getting a loan when you credit score is low. It also allows people to borrow small amounts according to what they need than opt for a higher amount because the least amount available in banks for loans is rather large.

They are an expensive short term liability to be used in emergency situations. Most people who opt for this tend to pay it off immediately rather than seek an extension due to the interest rates involved. When done with caution these loans can be a real respite from a financial crunch. Payday loans can snowball (+ wikipedia) if you misuse them, so it is important to only take them out when you absolutely need the money and it is a crisis situation. There are numerous families that have scraped through a bad phase using this!