Advance American decided to discontinue a revolving line of credit in New Hampshire after the state’s banking commisioner issued an order to stop.
Banking Commissioner Peter Hildreth does not think that the product complies with state law. In July, New Hampshire capped interest rates at 36% for payday and title loans.
It’s hard to say if Advance America will continue operations, but 36% is not possible. If banks cannot offer this product at 36% and direct access to borrowers checking accounts, how can anyone else?
