Jan 12

Written by: Doug Smith
1/12/2009 8:21 AM

 

When we speak to legislators and citizens about the abuses of payday and car title lenders, the numbers we use are so hard to believe that they seem, well unbelievable.  This contract from Advance America not only proves that they are making open ended loans like title lenders, but it also points out that the interest rate is 456%APR unless you are willing to give them access to your bank account electronically.  Additionally, you will note that while Virginia used to have a $500 cap on payday loans, Advance America is now making up to $750 loans by joining the car title lenders in misusing open-ended credit laws.

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