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Payday Loan Oregon

Payday lender will close Oregon outlets

Loss of profits - Advance America will shut down all of its 45 centers in the state, blaming a new law that caps rates and fees. One of the biggest U.S. payday loan companies said Thursday that it would close all 45 of its centers in Oregon because of a new state law that limits the fees and interest it can charge on loans.

Friday, September 21, 2007

Advance America, Cash Advance Centers Inc., based in Spartansburg, S.C., said it is no longer economically viable to operate in Oregon and its centers here generated no gross profit for the six months ended June 30.

Advance joins scores of payday loan outfits that have closed their doors since the state imposed a 36 percent annual interest rate cap and other regulations on the short-term, high-rate consumer loans.

The new laws took effect in July and allow payday and car title lenders to charge a $10 origination fee per $100 loaned, though no more than $30 for a loan of any amount. Loans must be for at least 31 days and can carry an annual interest rate of 36 percent. Fees included, lenders can charge the equivalent of an annual interest rate of about 154 percent for a 31-day loan -- far less than the 500 percent rates common before the law took effect.

Advance said it planned to write off most of the value of its receivables in Oregon, about $10.8 million.

-- Ted Sickinger

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