Thursday, June 22, 2006

Advance America Rolls Out New Credit Line

By Desmond Carlisle
Payday Loan Writer

The nation's largest payday loan company accounted that its subsidiary in Pennsylvania has begun offering consumers in that state a new financial service. Advance America will provide what is called the Advance America Choice-Line of Credit, a service allowing customers access credit lines of up to $500 for a monthly participation fee, plus interest on outstanding loan balances.

"We are pleased to offer consumers in Pennsylvania another alternative to help them meet their periodic short-term financial needs. The new Line of Credit offering is part of Advance America's ongoing commitment to provide products and services to hard-working Americans who occasionally need additional money and whose needs are underserved by banks, credit card companies, and other traditional financial institutions," Ken Compton, President and CEO of Advance America, said.

The payday loan conglomerate used to operate as a marketing, processing, and servicing agent in Pennsylvania, offering fast payday loan products as well as installment loans. Amid regulatory changes by the state, the company discontinued its payday loans in Pennsylvania as of March 27, 2006.

The Nation's Biggest Payday Loan Firm

The change in Pennsylvania leaves Arkansas as the only state where Advance America still operates as an agent for an FDIC-supervised institution. The Company previously announced it has discontinued offering installment loans in Arkansas and intends to discontinue offering short-term, no credit check payday loan products in that state on June 24, 2006.

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