Payday Loan Times

News About the Ever Changing Payday Advance Industry

Advance America to Close Payday Loan Offices

Filed under: Arkansas, Pennsylvania — J.J. Cameron at 4:02 pm on Sunday, February 26, 2006

Due to a federal banking investigation, Advance America may be forced to alter its payday loan practices in Arkansas and Pennsylvania.

Advance America Offers Payday Loans Company president Ken Compton said in a conference call last week with reporters and analysts that the Federal Deposit Insurance Corporation is looking at payday advance operations at banks it supervises.

Advance America and other similar lenders originate short-term, high-interest loans financed by regular banks. The companies also earn fees for collecting payments and dealing with late payers. Because the FDIC insures bank deposits, agency officials have said they think the business is too risky for their banks. The quick cash loan issue probably won't go away any time soon.



Pingback by Payday Loan Times » Blog Archive » Advance America Confident About Future of Its Cash Advances

Monday, February 27, 2006 @ 3:10 pm

[...] Recent reports state that the company may have discontinue operations in Pennsylvania and Arkansas, but representatives - along with industry insiders - do not regard these as not signs of trouble elsewhere. [...]


Pingback by Payday Loan Times » Blog Archive » Payday Advance Lenders Shut Down in N.C.

Wednesday, March 1, 2006 @ 4:24 pm

[...] North Carolina’s Consumer Finance Act caps annual percentage rates on small loans at 36 percent. Advance America appealed the ruling, but agreed to close their offices while the matter is being sorted out. Cooper says the three lenders who entered Wednesday’s agreement operate 152 outlets statewide. « Kansas Bill to Protect Payday Lenders Never Gets Off Ground [...]


Pingback by Payday Loan Times » Blog Archive » Advance America Lending Back to Cease Payday Loan Lending

Tuesday, March 7, 2006 @ 2:47 pm

[...] After rumors that Advance America would be forced to put a halt to its payday lending in Pennsylvania, an agreement on the matter has finally been reached: its lending bank will stop its payday loan originations at 101 centers in Pennsylvania later this month. [...]

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