PaydayLoan-Lenders.com Publishes List of Alternatives to Payday Lending

PaydayLoan-Lenders.com has published a helpful list of alternative short-term borrowing resources for individuals unable to access payday loans or in need of creative solutions. The list contains a special section for military personnel.

News provided by

PaydayLoan-Lenders.com

Mar 27, 2013, 09:00 ET

NEW YORK, March 27, 2013 /PRNewswire/ --

For individuals living in any of the U.S states that prohibit the use of payday loans or for consumers and military personnel needing low-cost options for borrowing, PaydayLoan-Lenders.com has published a contact list. Packed full of alternative suggestions and containing names of organizations to approach, the list can be viewed for free via the website.

PaydayLoan-Lenders.com made the announcement in the following statement that was released to the press:

"Currently, 13 states prohibit the use of payday loans. Countless more have restrictions placed on the interest rates applicable to the loans, making them virtually off-limits. For servicemen and women in the U.S military, there are additional restrictions on the total amount of interest that can be charged."

The statement continued, "This means that there are millions of consumers whose short-term lending needs cannot be met by payday loans or cash advances. This is why we at PaydayLoan-Lenders.com have decided to publish a list of alternative borrowing options and ideas. We invite consumers to access our free-to-use contact sheet and use it to find affordable borrowing options that are legal within their state of residence."

Highlights of the list include information on community-based credit unions, which are well provided for across all 50 states and the District of Columbia. For military personnel, the list gives website information for numerous military aid societies which offer financial planning as well as emergency loan funds and grants for those in need.

As of March 17^th 2013, payday loans are prohibited in the following states: Arizona, Arkansas, Connecticut, the District of Columbia, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont and West Virginia. In Maine, payday loans are only permitted to be offered by authorized lenders and interest rate caps also apply. For military personnel, since 2007 there has been a total interest rate cap of 36% on payday loans made available in states which allow their usage.