Payday Loan Advance America to Be Sold to International Micro-Lender

Just in case you’ve been off-the-grid today, you better take a look:

Advance America is for sale to Ricardo Salinas and Grupo Elektra at a 30% premium. Reminds me of the movie, “The Good the Bad and the Ugly.” It’s like Eli Wallach saying to the CFPB, “Badges, we don’t need no stinking badges.”


Comments ( 3 )
  • CSO Fan says:

    There are some really smart guys in the payday loan industry! What’s the future look like for the small guys? Better have some cash available for lawyers? Compliance? Sell out? I have 5 locations…

  • Pauline says:

    If sold, does this mean my debt with them is no more?

  • Steven says:

    Lot’s of payday loan news this week! The Colorado Supreme Court tribe case, this Ricardo Salinas buyout, all the CFPB activities…

    All I can say is, “WOW!”

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