CANTON, Ohio вЂ” This town of 73,000 is well known for some things вЂ” the Pro Football Hall of Fame, the presidential collection of William McKinley, a lively downtown arts scene.
However in banking groups, this has gained a far more distinct reputation: Canton is just a nexus of this payday financing industry, by which individuals who have difficulty making ends satisfy from a paycheck towards the next sign up for high-interest loans from specialty loan providers.
A half-dozen payday lending outlets surround a popular shopping center, and at lunchtime they draw a steady crowd of customers on 30th Street. In the Advance America store, Martin Munn stopped in recently along with his daughter that is young to their biweekly banking: Nearly every payday, he cashes his check, takes care of their final loan in complete and takes out a unique one against his next paycheck. The total amount he borrows differs, however it is typically around $500, which is why he will pay a cost of $73 вЂ” a 380 per cent yearly interest.
The girl whom manages the shop, Tanya Alazaus, greeted Mr. Leer más