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Advance America to stop providing payday loans to military personnel
September 25, 2006 - Spartanburg, South Carolina
"We apologize for any hardship the elimination of this may cause the men and women who are dedicated to the service of our country. We also hope the elimination of this option does not push individuals into more expensive and/or unregulated forms of credit."--Ken Compton, CEO, Advance America Advance America, Cash Advance Centers will, in the company's words, "respectfully and voluntarily refrain from making any payday advances to active, full-time members of the military effective October 15, 2006 except where strictly prohibited from doing so by applicable law." "During this time of war, we recognize that our fighting men and women carry an enormous burden for all of us and we thank them for their service," said Advance America CEO Ken Compton. "We believe that responsible use of short-term, unsecured loans can be a sound financial alternative for all Americans, including members of the military. They deserve, like all our customers, strong consumer protections, and also deserve the right to choose the financial options that best suit their needs." Despite the fact that the company disagrees with some of the comments made in a recent hearing, including one by North Carolina Senator Elizabeth Dole, who stated that members of the military "lack financial savvy", Advance America has taken this step to remove any perceived distraction to members of the military during this critical time for our country. Compton also commented, "We apologize for any hardship the elimination of this trusted, short-term financial option may cause the men and women who are dedicated to the service of our country. We also hope the elimination of this option does not push individuals into more expensive and/or unregulated forms of credit." Members of the military represent less than 1 percent of the Advance America customer base and only 42 out of 2,728 total Advance America centers are within 1 mile of any military base. As a result of this decision, an evaluation is underway to determine if any center relocations or changes are necessary. Advance America is the country's largest provider of payday cash advance services with approximately 2,700 centers in 36 states.
News Source
RTO Online, Staff Writer
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