El Segundo, CA (PressExposure) May 17, 2008 -- Elite Cash Services (www.elitecashservices.com) is announcing a new safe alternative to payday loans. They have developed three new types of loans to help consumers that are currently struggling in a cycle of debt, and that are currently turning to payday loan lenders.
The types of loans that Elite Cash Services is currently offering are:
The Short Term Installment Loan: These loans range from $300 - $499 for a term of 6 - 10 weeks. The Classic Installment Loan: These loans range from $500 - $699 for a term of 12 - 20 weeks. The Six Month Installment Loan: These loans range from $700 - $899 for a term of 22 - 26 weeks.
Elite Cash Services new loan alternatives have larger loan amounts than the traditional payday lenders do, the fee's for their loans are much more affordable when compared against a traditional payday loan. Elite Cash Services loans also have a set payment schedule that is broken down into substantially equal semi-monthly payments that are paid over the life of the loan. With these set payment schedules the payments are more affordable and easier to manage.
In California consumers are only allowed to borrow from $50 up to $255 from a payday lender at any one time because of the current interest rates on these loans. On average a consumer will pay between $15.00 and $17.65 per $100 in the state of California for a payday loan. With these traditional payday loans your Annual Percentage Rate (APR) is a staggering 391.07143% - 460.16071%. With Elite Cash Services new loan alternatives a California consumer would be able to get a loan for $300 - $899 for a term of 6 weeks - 6 months. With these types of loans the APR ranges from 81.17657% -38.33709%.
With a recent bill that was presented before the California Assembly's Banking and Finance Committee on Monday April 10th, 2008 would have capped payday loan annual interest at 36% for all consumers. During the review of this bill Assembly member Lois Wolk was quoted to say "At the moment, there is no alternative to the products that payday lending provides". And that was the general consensus of the assembly members, so the bill was sent back for revisions. With Elite Cash Services new loans the consumers of California do have an alternative, and a much more affordable one at that. With these new loan products consumers finally have a better low cost alternative to the traditional payday loan.
The Federal Government has already passed a bill for the Member of the Military and their families limited the annual interest rate for payday and consumer loans at 36%. While most of the payday loan industry has stopped lending to the members of the military and their families since October 1, 2007 Elite Cash Services still offers all of its loans to these hard working families. The payday loan industry said that with this rate cap that it would take them out of business, and so they closed down shop, leaving the members of the military with even fewer options when they need emergency funds. Shouldn't all consumers have the same protections that the members of the military have?
Elite Cash Services (elitecashservices.com) built their company and their loan product based on the idea that consumer's should be able to have a lower cost alternative to what they are currently presented with in the payday loan industry. That all consumers should have the ability to be able to get the money they need and pay it off over a longer amount of time. The loan products Elite Cash Services offers were designed with the belief of giving their customer more options, letting the customer choose the loan that best suits their own individual needs. With this it will help give their customers a way to help themselves out of the current cycle of debt and into financial freedom.