Jamie Fulmer
“That’s about what banks charge for you to take your own money out of an ATM and the banks carry no risk doing that… But somehow we are supposed to loan money to a customer, absorb the risk and charge the same things that banks charge. That just doesn’t make any sense. We couldn’t even cover our operating costs that way.”
Advance America director Jamie Fulmer says that payday lenders could not survive on a proposed rate cap of 72% APR. The rate cap works out to about $3 per $100 borrowed on a two-week loan…
Fulmer believes that the proposed reform bill is a de facto ban on payday lending:
“With [the proposed reform bills], we have agreed to what could be the most restrictive payday lending laws in the country… But what we can’t support is a repeal that is disguised as reform, and a rate cap of 36 or 72 percent is simply repeal in the disguise of reform.”
Jamie Fulmer is director of investor relations for Advance America, Cash Advance Centers, Inc. There are over 2,700 Advance America centers in the United States.
Source: Last Bill Standing by Kent Jennings Brockwell (Richmond .com)
Recent Posts:
- 07/12/2011: Expanded Contact Info Page
- 06/11/2011: Internet Crime Complaint Center (IC3)
- 05/18/2011: Added Full Contact Info Page
- 05/15/2011: Payday Loan Site Traffic Comparison Update – May 2011
- 05/10/2011: IP Ban for Ratings Abuse
Random Posts:
- 10/08/2006: Justice Minister Vic Toews
- 06/16/2008: Demographic Study of Online Payday Loan Consumers
- 04/14/2007: James Wood
- 09/23/2006: Ann Evans
- 09/02/2006: Lieutenant Colonel Mark Ballasteros
a WordPress rating system