The Pennsylvania Supreme Court has decreed that payday lender Advance America Cash Advance violated usury limits by imposing fees and interest which exceed state law.
Payday loans such as Advance America provides leech funds from the poor at outrageously high rates. Theirs impose a $150 fee and 6% interest for a $500 loan. Former Philadelphia Mayoral candidate Tom Knox made his fortune preying on the poor with such usurious and immoral business practices. Knox briefly toyed with the idea of running for State Treasurer last year and has his sights set on the Governor’s mansion in 2010.