Houston, TX -- (SBWIRE) -- 05/04/2015 -- Bizax.org, a website dedicated in sharing vital information on payday loan lenders and recommending direct payday loan financial companies, has recently shared a publication sharing insightful details on how to avoid 'shark' payday loan companies.
A series of actions have recently been taken against such companies which are simply trapping their clients and Bizax.org managed by James Wright is intended to help individuals avoid falling into this trap.
Recently superintendent of the New York Department of Financial Services, Benjamin Lawsky, Bank of America passed a bill to adopt a software database developed by the regulators in New York to screen payday lenders that are violating state laws.
Bank of America will be the first financial institution to adopt such a screening method despite many complaints against the payday lenders' astronomically high interest rates. Bizax.org offers a similar service by pre-screening direct payday lenders no third party lenders only such that their followers are borrowing cash from reliable financial companies.
Recent AL.com publication also mentioned how payday loan providers are setting up traps for the public especially those who are in need of financial assistance like low-wage workers, families struggling to pay bills, people with healthcare bills and senior citizen living on fixed income.
The publication which calls these payday loan providers sharks mentions how nearly 76% of all payday loans are taken out within two weeks of a previous payday loan, a statistic shared by Center for Responsible Lending. Another statistic from the Consumer Financial Protection Bureau (CFPB) informs that over 75% payday loan fees came from people with more than 10 loans a year.
James Wright, a financial expert and editor of payday loan resource Bizax.org, suggests to find direct payday lenders and not to rush when selecting a loan provider as there are usually many available to choose from. He informs that many financial companies are simply brokers which will further increase the interest rate, hence interested individuals can find direct payday loan providers starting right from the homepage of his website, Bizax.org.
According to James Wright many individuals feel there loan will not be approved anywhere else and hence rush to the first payday loan provider they come across over the internet. This ill-informed decision leads to loan received at very high interest rates which eventually creates a 'cycle of debt' which is tough to get out of.
James Wright has shared more such insightful information on his website Bizax.org which is now acting as a fail-safe for many people seeking reliable payday loan lenders. The website can help people not fall into the marketing campaigns created by 'shark' lenders who simply want to dump astronomic interest rates.
James shares on his website that even people with poor financial profile can get guaranteed payday loans direct lenders only. However again such individuals should be careful not to fall into a high interest loan or else they will further sink in their financial crisis.
James has on his website mentioned certain direct payday lenders himself which according to his extensive financial experience are safe and reliable. According to James Wright transparency is the best judge of a payday lender. If a financial institution is transparent in current and all possible future rates then they probably are legit and have best interest of their client.
James Wright further added that searching for direct payday lenders by oneself can be a difficult task as some of them are playing the same 'shark' game as well. For example recently ResponsibleLending.org shared news on an action taken up by Consumer Financial Protection Bureau (CFPB) on Texas based financial company ACE Cash Express. ACE Cash Express, a direct lender and a reputed company, was found using abusive and illegal tactics to collect debts and trap its customers into the 'cycle of debt'. ACE will now pay $5 million in refunds and $5 million in fines.
Hence it is beneficial to check with a financial expert before finalizing the direct payday loan lender to avoid falling into the 'cycle of debt' with shark companies which is now becoming common.
More vital information and latest news on payday loans can be viewed on James' website Bizax.org or the official Bizax Twitter account.
About Bizax
Bizax is one of the leading companies to provide helpful resource and direct connection with payday loans providers. The website is managed by a highly experienced financial analyst who has over the years worked with individuals and businesses in acquiring low rated loans. Through the company's online platform, http://bizax.org/, specific details on how to acquire safe and secure loans through trusted companies can be viewed.
For more information about Payday Loans, or to schedule a meeting or interview with founders of bizax.org, please call at 281-737-1000 or email to pr@bizax.org.