Across the country, millions of hard-working Americans can and do benefit from loans when faced with an unexpected bill or other immediate financial need.
Kenneth E. Compton, CEO, Advance America

Advance America, the nation's largest provider of payday advance services, says it intends to vigorously defend itself against a lawsuit filed by the Pennsylvania Department of Banking (see story) alleging the company is providing lines of credit to borrowers without a license and with interest and fees in excess of state law.

"We created our Choice Line of Credit product expressly to comply with the laws of Pennsylvania," said Advance America Chief Executive Officer Kenneth E. Compton. "Many Pennsylvanians have chosen to use our line of credit since it was introduced in June, which we believe is evidence of the growing value consumers place on such forms of convenient, unsecured loans."

"Across the country, millions of hard-working Americans can and do benefit from loans when faced with an unexpected bill or other immediate financial need," added Compton. "Our customers find these loans are typically a better option for them than bouncing checks, incurring late charges or damaging their credit rating by missing payments."

Compton also said the company is committed to helping consumers and regulators understand the role unsecured loans can play in helping individuals with their financial needs.