ACE money Express ends pay day loans in Maine

A competitor claims he is been told that the ongoing business intends to shut both of its shops in Portland and Brunswick.

ACE money Express Inc., which gives monetary solutions geared towards low-income residents in Portland and Brunswick, no further is providing short-term that is“payday, workers confirmed Monday.

A Maine-based competitor stated he’s got been told the organization intends to shut both of its Maine areas in July included in a bigger move that is downsizing.

ACE, located in Irving, Texas, would not get back duplicated calls Friday and Monday looking for remark, but workers at its two Maine shops stated they’ve discontinued payday lending services and referred all questions regarding the insurance policy switch to their business workplace.

ACE runs in 31 states and also the District of Columbia, in accordance with its site, yet not all those continuing states enable payday financing. The business provides a number of other solutions, including prepaid debit cards, check always cashing, bill re re payments, cash transfers, cash purchases and deposit that is direct.

William Lund, superintendent regarding the Maine Bureau of credit rating Protection, said he had been unaware that ACE had eradicated loans that are payday. But, he stated payday advances are much less lucrative in Maine such as various other states due to a fairly low limit on the utmost annual rate of interest loan providers may charge.

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