Cash Pay Advance

Pruett says, “They’re limiting consumer credit choices which in turn makes them go to higher priced alternatives, such as bank overdraft fees, late fees on credit cards and utilities. McDaniel says he’s been investigating pay day lenders for quite some time–but the recent Supreme Court opinions prompted his decision. Arkansans choose payday lending because it costs less than paying bank and merchant overdraft fees and late payment fees on credit cards and utilities, and is preferable to costs and fees or losing collateral to pawn shops. Across the country where consumer choice for payday advances has been limited, other fees have risen, bankruptcies have increased, competition in the marketplace has been reduced, and many consumers have been driven to the Internet or off-shore for higher priced payday advances. Find Out More

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