Kenneth Compton
“We created our Choice Line of Credit product expressly to comply with the laws of Pennsylvania… Many Pennsylvanians have chosen to use our line of credit since it was introduced in June, which we believe is evidence of the growing value consumers place on such forms of convenient, unsecured loans.”
Advance America CEO Kenneth Compton responds to a Pennsylvania lawsuit supported by Governor Edward Rendell…
The company says it will vigorously defend itself against the lawsuit filed by the Pennsylvania Department of Banking. The lawsuit alleges that the company is providing lines of credit without a license and with interest and fees in excess of state law. Compton added:
“Across the country, millions of hard-working Americans can and do benefit from loans when faced with an unexpected bill or other immediate financial need… Our customers find these loans are typically a better option for them than bouncing checks, incurring late charges or damaging their credit rating by missing payments.”
Kenneth Compton is CEO of Advance America, Cash Advance Centers, Inc. There are over 2,700 Advance America centers in the United States.
Source: Advance America Responds To Pennsylvania Lawsuit (PR Newswire)
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