(Cash Before Payday) Payday Lender May Leave Pa. (AP via Yahoo! Finance)
An Oregon law effective in July, which limits fees and interest on the company’s short-term loans, makes the 45 centers in that state unprofitable, Advance America announced this week. The company is closing 31 of its 98 centers in Pennsylvania after a judge in July ordered the company’s subsidiary in the state to cease operations and discontinue its line of credit. North Carolina state law caps interest on short-term loans at 36 percent. Company officials contend its short-term loans are a better, cheaper solution to a money crunch than a customer facing fees for bounced checks. Learn more
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