Advance America advances in Pennsylvania with ‘new’ payday loan
Advance America proves that payday lenders are not ones to give up without a good fight. The payday lender recently resumed operations in Pennsylvania, three months after state and federal officials pressured it to stop a loan program that critics said charged exorbitant interest rates. Chron.com reports:
The Spartanburg, S.C.-based company has designed a new type of short-term loan that it says is legal under Pennsylvania law. Its new "Choice" line of credit allows borrowers up to $500 a month for a $150 participation fee. Customers must also pay interest, finance charges and minimum monthly payments of $20.
Read more: Advance America Resumes Pa. Operations