Advance America reported a 48.8% or $12.6M jump in net income from the previous year third quarter. This is despite closing stores in Arkansas, New Mexico, New Hampshire and Ohio. These difficult states did result in lower revenues of 5.4 percent to $474.4 million so far this year, compared to $501.5 million during the same period last year.
You can read more about their third quarter in the Sparatansburg Herald Journal.
The payday loan industry is very misunderstood. Most people just take knee jerk reaction to the industry.
Jamie Fulmer speaks out against and article that distorts some fines placed on the company.
“…the editorial inaccurately described many of these violations and failed to acknowledge that they were documented during store audits conducted by BFI before the new short-term lending law took effect in January 2009.
The editorial pointed to 38 instances of taking “a borrower’s property” to secure a loan, for example. This citation had nothing to do with property, but instead amounted to checks not properly made payable to Advance America.”
You can read the full letter here.