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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 ...
- Advance America hit by Pennsylvania suit.
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- Press release article from: PR Newswire October 20, 2006 700+ words
...off company's new 'You Advance America Fund' SPARTANBURG, S.C...PRNewswire-FirstCall/ -- Advance America Cash Advance Centers , the...today awarded a $50,000 Advance America Financial Literacy Grant to...
- Advance America Announces Election of William M. Webster IV as Chairman of...
- Press release article from: PR Newswire August 5, 2008 700+ words
...5 /PRNewswire-FirstCall/ -- Advance America, Cash Advance Centers, Inc. announced...with the Company. Mr. Webster, Advance America's co-founder, has served as the...founder George Johnson as Chairman of Advance America's Board of Directors. Since 1997...
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- News wire article from: State (Columbia, SC) June 7, 2005 700+ words
...industry under fire. Spartanburg-based Advance America today unveils a pilot program in the...relevant," said William Webster IV, Advance America's chief executive. Advance America will start providing its repayment information...
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...VALID Systems announced today that Advance America, Cash Advance Centers Inc. has used...check verification solution to enhance Advance America's new Check-To-Card program...program a success," said Ron Ingram, Advance America's Director of Product Management...
Source: HighBeam Research, State sues lender for 'illegal' credit line: Advance America has 6...