Kenneth Compton
“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.”
Advance America CEO Kenneth Compton said that his company will no longer provide payday loans to military personnel…
Effective October 15th, 2006, the company will voluntarily refrain from making payday loans to active, full-time members of the military. Compton also said:
“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… 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.”
Kenneth Compton is CEO of Advance America, Cash Advance Centers, Inc. Only 42 out of 2,728 total Advance America centers are within 1 mile of any military base and military members represent less than 1 percent of their customer base.
Source: Advance America Voluntarily Refrains from Providing Advances to Military (PR Newswire)
If you are in the military, please consider Interest Free Loans for Military Personnel in our Payday Loan Alternatives category.
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