This town of 73,000 is well known for some things — the Pro Football Hall of Fame, the presidential collection of William McKinley, a lively downtown arts scene.
However in banking sectors, this has gained an even more reputation that is distinct Canton is a nexus of this payday lending industry, by which those who have difficulty making ends fulfill from 1 paycheck towards the next sign up for high-interest loans from specialty loan providers.
On 30th Street, a half-dozen payday lending outlets encircle a popular shopping mall, as well as lunchtime they draw a stable audience of clients. In the Advance America store, Martin Munn stopped in recently together with his young child to complete their biweekly banking: Nearly every payday, he cashes his check, takes care of his final loan in complete and removes a fresh one against their next paycheck. The total amount he borrows differs, however it is typically around $500, which is why he will pay a charge of $73 — a 380 per cent interest rate that is annual.
The girl who manages the shop, Tanya Alazaus, greeted Mr. Munn with a grin. The store appears like a bank that is small, with clerks waiting behind counters to address transactions and speak to their regulars. Continue reading “Payday Loan Limits May Cut Abuse but Keep Some Borrowers Searching”