The Oregonian newspaper reports Advance is the latest of several payday loan outfits to close their doors since the state imposed a 36% annual interest rate cap on the short-term, high-rate consumer loans. They 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%. Fees included, lenders can charge the equivalent of an annual interest rate of about 154% for a 31-day loan. read more

Filed in: Cash Day Advance