Virginia heating up
January 25, 2009 | Virginia, customers, industry, media coverage, positive media coverage, states | Comments (0)Here are two stories that pretty much cover what’s the fight is about in Virginia, followed by a guest opinion piece by Advance America CEO Ken Compton. Washington Times & Richmond Times Dispatch.
From Ken Comption’s piece also in the Richmond Times Dispatch:
Amid this economic backdrop, our company, Advance America, recently began offering a new credit product to serve our customers in Virginia — in addition to the modified payday advance product introduced this year.
Our supplemental product — a line of credit between $500 and $750 — was approved for sale by the State Corporation Commission. It affords consumers more flexibility, a higher loan amount, and a longer term of repayment — with the requirement that they continually pay down principal. We believe that it provides consumers, many of whom have limited credit options, a critical choice to help them manage their financial obligations.
Despite recent criticism, it was never our intention to circumvent the new payday loan reform law. Indeed, the line of credit product is not new to Virginia; a variety of businesses have offered it for years. And Advance America continues to make payday advances available at all of our stores.
Of course, the voice that is always left out of payday lending debates is the customers’ voice. They now have an even greater choice of financial services. How could the legislature object to that?
Comments»
No comments yet.