|
|
|
Real Estate News Releases
|
(EMAILWIRE.COM, January 31, 2012 ) Dallas, TX -- Experts from paydayloansolutions.net talk about the meeting that was held by Finance & Leasing Association. The meeting was regarding the number of times a loan can be rolled over. Session ended up with decision that rollover will be restricted to maximum of three times. The FLA said that it will give consumers new rights. New code of payday loan practice will be introduced on Wednesday. Britain's greatest payday loan company Wonga is going to change their payday loan rollover system.
Paydayloansolutions.net says that “Wonga is going to prohibit frequent loan rollover”. Pay day loan is short term loan with high interest rate. Many people end up in cycle of debt. Experts say that payday loan is not a debt trap if the borrower manages the money properly and go in accordance with the rules and regulation of loan lending company.
According to Wonga financial loan will be limited to a highest possible of three times rollover and not more than that. Payday loan solutions say it is a good step in the payday loan industry. Now trust of people on payday loan lender will increase with fixed number of rollover.
Experts say,” a common payday loan from Wonga, has an interest rate of 4,214 %”. By limiting the rollover, it will reduce the number of people ending up in the cycle of debt.
If a borrower takes some online loans then he will have to pay back the loan along with some interest. If the borrower does not want to repay fully, he pays some amount and can extend his date of repayment of loan along with some extra interest rate. This is known as a “rollover” and this is the reason behind the “cycle of debt.” The finance charged for a payday loan is typically between 15 and 25 percent of the amount borrowed. If we calculate it annually the interest rate is 400 percent or more, which is very high.
Experts from payday loan solutions say that immediate action will be taken in this context. The site understands the need of people and is also planning to limit easy payday loans rollover.
About Paydayloansolutions.net:
Payday loan solutions are a financial matchmaker on the internet servers the people who needs instant cash loans. It provides payday loan which covers borrower's expenses until his or her next payday. The interest charges on the cash are very low. In addition the assistance rendered is fast and efficient. Customer support is the ultimate goal of Paydayloansolutions.net. The application can be completed on the internet and is safe and secure. No credit assessment is required, and most individuals get their cash very quickly, sometimes within few minutes.
PaydayLoanSolutions.net
Jeniferlara
01246466607
support@paydayloansolutions.net 
|
|
|
|
Real Estate News by Sector
|
|
|
|
|
