In the state of Arizona, Advance America had announced that it would be closing down 47 loan centers. It also said that it may lay off as many as 100 employees because it cannot afford to operate under the new Arizona laws.
On June 30, legislature expired that allowed loan centers to determine their own interest rates on payday loans. Unless centers were willing to reduce their interest rates to 36% or less, they would risk going out of business.
According to Advance America's spokesman, Jamie Fulmer, the company cannot afford to operate under the new legislature. He said, "This is a tough time to be losing your job [and] the government took a hand in losing your job." When asked about payday loans, he told reporters these loans are, "the simplest, most transparent, most fully disclosed product in the marketplace."
Payday loans are small, 14 day cash loans that incur interest over time. In order to apply for loans, borrowers must meet certain eligibility accounts and prove that they have steady fixed income.
Get the money you need quickly by applying for a payday loan online!