Advance America puts over $75K into fighting loan rate cap
SIOUX FALLS (AP) -- A payday lending chain has put over $75,000 into the race against a ballot measure that would cap short-term loan interest rates in South Dakota.
SIOUX FALLS (AP) - A payday lending chain has put over $75,000 into the race against a ballot measure that would cap short-term loan interest rates in South Dakota.
Ballot committee Credit For South Dakotans reported the contributions Thursday from Advance America, Cash Advance Centers of South Dakota Inc., a subsidiary of South Carolina-based Advance America.
Credit For South Dakotans is opposing Initiated Measure 21, which would limit interest charged by businesses such as payday, auto title and installment lenders licensed in South Dakota to 36 percent annually.
Supporters say the measure would protect consumers from predatory lending.
Advance America spokesman Jamie Fulmer says the proposal would end regulated short-term loans in South Dakota, forcing consumers to use unregulated options that are more expensive. The company has nearly a dozen locations in South Dakota.