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[1] [2] The company was founded in 1993 by W. Allan Jones in Cleveland, Tennessee, where the headquarters are located today. [1] The firm offers payday loans, online payday advances, title loans, bill payment services, check cashing, reloadable prepaid debit cards, and Western Union money transfers and money order services. [3]
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On July 1, 2010, a law exempting payday loan companies from the 36% cap expired. [32] State Attorney General Terry Goddard initiated Operation Sunset, which aggressively pursues lenders who violate the lending cap. The expiration of the law caused many payday loan companies to shut down their Arizona operations, notably Advance America. [33]
This is an accepted version of this page This is the latest accepted revision, reviewed on 27 December 2024. Short-term unsecured loan A shop window in Falls Church, Virginia, advertising payday loans. A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a short-term unsecured loan, often characterized by high interest ...
Loan type. Time to funding. Personal loan, payday loan, title loan. 1-7 business days. Credit card cash advance. Instant. Home equity loan, HELOC. Up to 45 days
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Just like payday loans, title loans should be a last resort because the average auto title loan has an APR of about 300 percent. How to shop for no-credit-check loans
Personal loans tend to have a minimum repayment term of 12 months, so you’d technically pay more in interest over the life of a loan compared to a payday loan ($205.55 vs. $153.42).
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