Cash Pay Advance

The trade group, Community Financial Services Association of America, which represents 60 percent of the industry, issued the new policy last week, saying consumers have a right to know the costs of payday lending in simple terms. Payday lenders offer quick cash advances — for a fee — that customers are supposed to repay with their next paycheck. The industry has faced lawsuits, tighter regulation from state governments and mounting criticism from national groups, including the National Association for the Advancement of Colored People. The signs aren’t expected to affect business at the nation’s largest payday lender, South Carolina-based Advance America Cash Advance Centers Inc. Advance America is one of several lenders named in Sheheen’s lawsuit, which claims the companies attract borrowers to “unconscionable loans” and trap them in an endless cycle of trying to repay the loans. Find Out More

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