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CU System
State court Payday loans violate Pennsylvania law
HARRISBURG, Pa. (6/2/08)--The Pennsylvania Supreme Court Thursday ruled that payday lenders who charged borrowers a $150 monthly fee plus 6% interest violated a state consumer law. The decision upheld a ruling last year by the Commonwealth Court, which asserted that Advance America Cash Advance Centers, a payday lender, charged fees that violated the state’s Consumer Discount Company Act (Associated Press May 30). Advance America charged a $149.95 “participation fee” and 5.98% interest on loans up to $500 (News Now Aug. 2). Jim McCormack, Pennsylvania Credit Union Association (PCUA) president/CEO, commended the banking department for taking action against payday lenders. PCUA offers the Credit Union Better Choice Program, “which is designed to move people away from payday lenders and provide a credit union with low-cost alternatives to short-term loans, while coaching them on financial education,” he added.
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