Cash Pay Advance

Main Fortune Small Business 100 Small Cap Investing - Top 50 Ultimate Resource Guide Top Schools for Entrepreneurs 5 Best Bosses Which States Love Small Biz? NEW YORK (Associated Press) - A consumer advocacy group called for tighter state-level restrictions on the payday-loan industry, arguing that a firm cap on interest rates is the only way to keep borrowers from spiraling into a cycle of debt. An analysis, released Thursday, of nearly 14 million loans in five states without firm caps on interest rates found that more than 60 percent of payday loans were made to borrowers who made 12 or more transactions annually. Once borrowers take out a payday loan, they “must take out loan after loan after loan” to keep up with the debt, said one of the report’s authors, Uriah King in a conference call with reporters. Lyndsey Medsker, spokeswoman for the Community Financial Services Association of America, the industry’s trade group, said in an e-mailed statement that this change would result in a “complete ban of the payday advance product. Find Out More

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