Payday Lenders Face Crackdown.Check-cashing and loan that is payday are often likened to predatory loan providers

Payday Lenders Face Crackdown.Check-cashing and loan that is payday are often likened to predatory loan providers

That produce the absolute most of low-income customers, as well as the movement to break along on it really is evidently energy that is gaining.

The City Council in longer Beach, the following town this is certainly biggest in Los Angeles County, has voted to put a six-month citywide moratorium on completely new check-cashing and cash loan organizations within the grounds that they cause blight and crime that is foster.

Industry representatives dispute that and argue the storefronts provide a much-needed solution for customers.

“Our industry altogether is evolving, and much more and more associated with the organizations are larger corporations rather than the mom and pops,” stated Mark Thomson, supervisor of government relations for Washington-based MoneyTree Inc. “The businesses are located by Wal-Marts or Starbucks and fit significantly in to the strip retail center surroundings.”

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