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CU System
Payday lender quits Pennsylvania
HARRISBURG, Pa. (12/21/07)--A payday lending company announced it is pulling out of Pennsylvania and will close its 66 stores currently operating in the state, says the Pennsylvania Credit Union Association (PCUA). Advance America, Cash Advance Centers Inc. closed 31 state offices in the third quarter after a state court forced it to cease lending in Pennsylvania (Life is A Highway Dec. 20). “We congratulate the [Pennsylvania] Banking Department on ridding Pennsylvania of this particular predatory lender,” said Jim McCormack, PCUA president/CEO. “Unfortunately, there are many others still operating in the state, which is why our Better Choice program is so desperately needed in the marketplace. “I would also like to congratulate the 63 Pennsylvania credit unions that offer the Better Choice program at 180 locations,” he added. Better Choice is the Pennsylvania credit unions’ low-cost payday lending alternative.
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