Payday lender's chairman steps down

The chairman and co-founder of payday lender Advance America Cash Advance Centers has stepped down, citing personal reasons, the company said Wednesday.

[Ron]

And just why isn't ok for a lender to charge a high fee for taking the risk of making loans to someone that is a high credit risk. Bounce a check at your local bank and see what they charge you regardless of your credit history

[Trvman]

These people "pray" on people in need. Charging interest rates they know they never can pay back the loan. It often works out to be about 100% or more of the loan.

However, this is SC where you can do anything because of lack of oversight. In many states these "business people" would not even be allowed to operate.

[Indie]

oh yeah, because the banks charge high fees, usury must be okay also. these kind of predators are no better than drug dealers and pimps. they even target the same cutomers. the only ones taking a risk are the fools that agree to put up the title to their car for a few hundred bucks. just because it is legal doesn't make it right.