Home > Lawsuits > Advance America Predatory Lending Class Action
August 13 2007
A class action lawsuit has been filed against the payday lender alleging predatory lending. The lawsuit claims Advance America systematically traps customers in loans they cannot repay and therefore violates Missouri law.
The lawsuit claims Advance America required borrowers to repay loans in four payments, while state law allows borrowers six payments. Borrowers were then trapped in loans charging more than 400 percent interest, despite interest at 324 percent capped by laws.
The Spartanburg, South Carolina-based company and its subsidiaries Cash Advance Centers of Missouri, do business as Advance America. The company operates 2,900 cash advance stores in 37 states, 82 of which are in Missouri.
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I took a loan out with these guys back in 2008.
The loan was for 500.00. not only did they get their money back but they decided to keep going into my bank account they must have thought they were gonna own me forever I let the bank account close due to them over drawing it so much. Now I get a phone call from this 1-855-747-9965 a 800 service number this morning they claimed that they have papers they need me to sign off on and claim they need my address in turn they gave me this number to call 588-551-8193 The number is to: The J. Powers group which when you look on line its a scam trying to collect old debts for over 10 years. I have very sound advice for anyone who needs money bad do not borrow it there are a bunch off assholes that charge you 400 % in intrest by the way it's against the law. Well I told this lady nice try sue me!
Posted by Anonymous
THE INTEREST RATES ARE SO HIGH THAT IF YOU BORROW ON ONLY 5 OR 6 PAYDAYS YOU WILL SOON BE SPENDING YOUR WHOLE PAYCHECK JUST TO PAY THEM BACK. AT WHICH POINT YOU WILL HAVE NO MONEY LEFT OVER FOR FOOD, RENT, ETC. DO NOT BORROW FROM THEM. I WAS A BRANCH MANAGER FOR ONE OF THESE COMPANIES AND I SAW THIS HAPPEN. IT MADE ME SO DISGUSTED I QUIT WORKING FOR THEM. GO TO A CREDIT COUNSELOR, ASK A CHURCH FOR HELP, CALL YOUR CREDITORS AND MAKE EXTENDED PAYMENT ARRANGEMENTS (FOR EXAMPLE THE LIGHT COMPANY). DO ANYTHING BUT DO NOT START USING PAYDAY LOANS.
Posted by Texas
We took out a loan but found ourselves trapped due to excessive interest rate. We continued to repeat the loan to cover the original loan. After several months of doing this we had to stop when the choice was food or paying them. What followed was phone calls harassing us at home and work, and they even called and harassed our parents.
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