Topic: Cash Pay Advance - Emergency loans, the River City way (The Decatur Daily)
That will keep the number of pawnshops, title loan stores and payday advance businesses at 21 on Decatur’s second-busiest roadway. The image concern is one reason state legislators may make changes next spring to reduce or eliminate the stores, specifically the payday advance stores, as North Carolina and Georgia did recently. Meanwhile, title loan stores — borrowing with a car title as collateral — also grew significantly, from 712 statewide in 1998 to 1,019 in 2006, state records show. Lewis, a pawnbroker for 34 years, said he needs both his title loans and traditional pawns to be profitable, and believes at least a handful of title/payday loan stores will close or be bought out in the coming months. Mike Hall, owner of Beltline Pawn and Jewelry, which sells neither title pawns nor payday loans, said he thinks natural competition will eventually rid the landscape of most payday lenders. Find Out More
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