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State sues lender for 'illegal' credit line: Advance America has 6 loan centers in Valley. Its fees are called a 'sham.'.
Byline: Kurt Blumenau
Sep. 28--THE COST OF CREDIT The cost of borrowing $500 through a credit line with Advance America and repaying it within one year: Interest: $29.90 Principal: $500 Fees: $1,799.40
Total: $2,329.30 Source: State Department of Banking The state is taking aim at a company that was pushed out of the payday loan business in Pennsylvania but has returned with a similar short-term, high-cost product. Advance America, the nation's largest payday lender, offers a "Choice Line of Credit" product that lets customers in search of quick cash borrow up to $500. The state Department of Banking filed suit Wednesday against the company, saying it provides lines of credit to borrowers without a license and with interest and fees that exceed what state law allows. According to the state, the line's annual interest rate of 5.98 percent and monthly fee of $149.95 can turn a ...
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