Letters To The Editor: Cash advances give consumers lending options
The Roanoke Times
May 22, 2009
by: Jamie Fulmer
Your newspaper has displayed a core misunderstanding of the short- term lending industry in Virginia. Despite accusations leveled in a recent editorial ("Close lending loopholes," May 11), Advance America offers cash advances in full compliance with all state laws, including one recently passed by the General Assembly that explicitly permits cash advance lenders to extend secured lines of credit.
Many Virginians are facing a harsh economic reality. Financial institutions have severely restricted lending and access to credit. Middle-income households and consumers with imperfect credit histories are facing a dwindling array of borrowing options.
Regulated cash advances, recently augmented with new consumer protections, help borrowers meet unforeseen expenses and manage short-term financial difficulties. Access to our secured line of credit is another legitimate option. Both involve safeguards that unregulated offshore Internet lenders, for example, do not provide consumers.
Our customers say they want more financial choices, not fewer. A cash advance is a sensible choice for some, while the secured line of credit works better for others. Virginians deserve the freedom to consider all reasonable alternatives and choose the credit option that best suits their needs.
Jamie Fulmer
Director of Public Affairs
Advance America, Cash Advance Centers Inc.
Spartanburg, S.C.
