Released on: May 13, 2008, 2:22 pm

Press Release Author: Elite Cash Services

Industry: Consumer Services

Press Release Summary: Elite Cash Services is a family based online Short Term
Consumer Loan Company that has developed a safe new alternative to traditional
payday loans.

Press Release Body: A Safe New Alternative to Payday Loans
El Segundo, California 4/28/2008

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.

Elite Cash Services new loan alternatives have larger loan amounts than the
traditional payday lenders do, the fee's for their loans are much more affordable
when compared against a traditional payday loan. Elite Cash Services loans also
have a set payment schedule that is broken down into substantially equal
semi-monthly payments that are paid over the life of the loan. With these set
payment schedules the payments are more affordable and easier to manage.

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%.

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 of giving their customer more options, letting the customer choose the loan
that best suits their own individual needs. With this it will help give their
customers a way to help themselves out of the current cycle of debt and into
financial freedom.


-End-


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

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