Advance America Puts Over $75K Into Fighting Loan Rate Cap
A payday lending chain has put over $75,000 into the race against a ballot measure that would cap short-term loan interest rates in South Dakota.
Ballot committee Credit For South Dakotans reported the contributions Thursday from Advance America, Cash Advance Centers of South Dakota Inc., a subsidiary of South Carolina-based Advance America.
Credit For South Dakotans is opposing Initiated Measure 21, which would limit interest charged by businesses such as payday, auto title and installment lenders licensed in South Dakota to 36 percent annually.
A spokesman for Advance America didn’t immediately return a telephone message requesting comment. The chain has nearly a dozen locations in South Dakota.
The donations come shortly after Georgia-based car title lender Select Management Resources LLC donated $400,000 to a different group opposing the measure.