“distortions and misrepresentations”
October 20, 2009 | Daily Press, Virginia, industry, positive media coverage | Comments (0)In a newspaper? Who’d believe it? An Advance America executive said this in today’ Virginia Daily Press:
During our eight years as a licensed lender in Virginia, Advance America has demonstrated a strong record of compliance. We steadfastly believe that a regulated financial environment is in the best interests of our customers.
But I believe that further regulations to restrict short-term lending in Virginia — as your paper advocates — will simply reduce the supply of credit and make borrowing more expensive for consumers. Many consumers will be forced to confront rapidly increasing bank and credit union fees for overdraft protection. Still other consumers will likely turn to unregulated lenders, including those offering loans exclusively over the Internet.
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