Cash Pay Advance

But Kilmarnock, population 1,200, is part of a growing nationwide movement against the $40 billion payday loan industry that after a decade of terrific growth finds itself increasingly challenged to defend annual loan rates that range from 390 percent to 780 percent. A recent study said the average payday loan customer takes out eight loans in a given year and ultimately pays $800 for a $300 loan. In response to reported allegations that active-duty military families were being exploited by payday loan shops, Congress in 2006 moved to protect military families from the high interest rates. Consumers who borrow 12 or more times a year accounted for nearly two-thirds of the loan volume of a typical payday lender, according to the report from the administrator of the Colorado Uniform Consumer Credit Code. Advance America’s Fulmer said the payday loan industry is willing to discuss some reforms but that reducing interest rate caps to 36 percent, as was done in Oregon and other states, is designed solely to drive payday lenders out of business. Find Out More

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