A competitor claims he is been told that the business intends to shut each of its shops in Portland and Brunswick.
ACE money Express Inc., which gives economic solutions targeted at low-income residents in Portland and Brunswick, no more is providing short-term вЂњpaydayвЂќ loans, workers confirmed Monday.
A Maine-based competitor stated he’s been told the business intends to close both of its Maine places in July included in a more substantial downsizing move.
ACE, located in Irving, Texas, didn’t get back duplicated telephone calls Friday and Monday looking for remark, but workers at its two Maine shops stated they’ve discontinued payday financing services and referred all questions regarding the insurance policy switch for their business workplace.
ACE runs in 31 states additionally the District of Columbia, based on its site, yet not all those states enable payday financing. The business provides many different other solutions, including prepaid debit cards, always check cashing, bill re re payments, cash transfers, cash requests and direct deposit.
William Lund, superintendent associated with Maine Bureau of credit Protection, stated he had been unaware that ACE had eradicated payday advances recently. Nevertheless, he stated payday advances are never as lucrative in Maine such as various other states as a result of a cap that is relatively low the utmost annual rate of interest loan providers may charge.
Federal regulators are proposing brand brand new guidelines that could make payday financing also less lucrative, Lund stated.
ACE ended up being charging its pay day loan clients in Maine $15 to borrow $150 for as much as a thirty days, and $25 to borrow $250. Continue reading