Personal Cash Advance Responds to Loan Repayment Report
Wilmington, DE-- ( SBWIRE ) -- 12/05/2011 -- PersonalCashAdvance.com, a site devoted to providing information on loans , has posted the data from a new study out of Utah that flatly contradicts the popularly held belief that lower-income people cannot afford cash advances. The results were drawn from data provided by Utah payday lenders as a result of new laws mandating the disclosure of certain information. “The results from the Utah study will hopefully do wonders in continuing to rehabilitate the image of the payday loan industry. When nearly 100 percent of cash advances are paid prior to the mandatory legal deadline, it’s hard to argue, as some critics do, that the loans are simply predatory traps designed to ensnare the poor and financially unstable. The truth is, most payday borrowers do pay back their loans, and they do so within a time frame that keeps interest charges affordable,” said Melissa Waters, public relations representative for Personal Cash Advance. Lenders say that the low default rate in Utah, approximately 0.01 percent of all cash advances, is the product of reasonable legal limits on extensions and loans of manageable sizes relative to the borrower’s income. As part of the borrower approval process, lenders determine the appropriate amount an applicant may feasibly borrow on his or her monthly income. “Despite the efforts of the media and many consumers groups to demonize payday lenders, the statistics paint a very different story. Borrowers are repaying their cash advances in full and before the legal extension limit sets in, and that phenomenon would not be occurring if predatory lending practices were indeed taking place,” said Neil Cutting, spokesman for PCA.
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About two years ago, I filed for bankruptcy. Is it possible for me to obtain a personal loan? I don't have money for the holidays and don't know what I'll do if I don't get my hands on some cash. Do you know of any place that would loan money to me?
The truth is, most payday borrowers do pay back their loans, and they do so within a time frame that keeps interest charges affordable,” said Melissa Waters, public relations representative for Personal Cash Advance. Lenders say that the low default
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