Released on: April 30, 2008, 1:38 pm

Press Release Author: Elite Cash Services

Industry: Financial

Press Release Summary: Elite Cash Services is an online short term consumer loan
company that has developed a safe new alternative to payday loans for all
Californians.

Press Release Body: A Safe New Alternative to Payday Loans
El Segundo, California 4/30/2008

Elite Cash Services 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.

These new loan alternatives have larger loan amounts than the traditional payday
lenders do, the fee's for these loans are much more affordable for these loans when
compared against a traditional payday loan. Also these loans have a set payment
schedule that is broken down into substantially equal semi-monthly payments that are
paid over the life of the loan making the payments for these loans more manageable.


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%. Elite Cash Services also offers a payday loan or
what they call a Turnaround Loan for the consumers that are looking for the same
type of loan that the traditional payday lenders are offering. For these Turnaround
Loans Elite Cash Services charges $8.00 per $100 borrowed with an APR of 208.57140%
- 104.28570%. That is a savings of over half of what a consumer would pay at a
traditional payday loan lender.

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 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 that giving our customer more options, and letting them choose the loan that
best suits their own individual needs will help give our customers a way to help
themselves out of the current cycle of debt.


-End-

If you would like more information about Elite Cash Services and the products that
they offer please visit their website at www.elitecashservices.com or contact Jayson
Burns at sales@elitecashservices.com.
Press Release is the property of Elite Cash Services. Elite Cash Services: 426 Main
Street, Suite A, El Segundo, CA 90245. 1-866-384-5507.


Web Site: http://www.elitecashservices.com

Contact Details: Jayson Burns
Operations Manager
Elite Cash Services
426 Main St
Suite A
El Segundo, CA 90245
www.elitecashservices.com
1-866-384-5507 Toll Free
310-765-4776 Direct Fax
sales@elitecashservices.com