WASHINGTON – The Consumer Federation of America has launched a new Web site designed to help consumers and policymakers combat payday lending.

The new site – www.paydayloaninfo.org – includes basic facts on how payday loans work, industry information, the legal status of payday lending and key features of state laws and regulations in all 50 states.

The site also offers advice and information for consumers, links to research and reports and updates on timely issues. Visitors can click on their state to connect with state regulators to file complaints or get information.

Consumers can use the site to calculate the cost of using payday loans by entering the dollars borrowed, the fees charged, the term of the loan, and the number of loans or renewals used during a year.

CFA's Director of Consumer Protection Jean Ann Fox said, “Often Web sites about payday lending are thinly-veiled loan referral sites or advertising sites. CFA's paydayloaninfo.org Web site provides consumer-oriented advice and information to help protect borrowers against becoming trapped in high-cost, high-risk payday lending.”

She added that, “Consumers may be shocked to find out how expensive it is to use payday loans.”