Mon
Mar 16 2009
07:37 pm
By: StaceyDiamond

I've noticed the nice beige and green building going up in front of the Felini Kroger's on Broadway and wondered if it was a Starbuck's. I asked a Kroger worker about it and she said she'd heard it was a check advance place.

So, I did a count, in the small shopping center there are 2 signature loan places, another payday advance, a pawn shop and a tax service that does the infamous refund anticipation loans.

Two of the former downtown signature loan businesses have moved near Felini. Years ago I patronized them some. When a few locate together they swap lists and if you get a loan from one then you will soon get special offers from the one next door. They can actually provide a service, if you need a few hundred bucks and can't get it from somehwere else. But after a while it seems almost always that one emergency passes and then the loan itself is an emergency. Its funny that after these places told me what a horrible person I was for not paying on time I still get weekly offers in the mail telling me they want to help their great customers.

Its a likely scenario that someone could need a few extra bucks for Krogers or to pay off a late pawn loan and wind up having four or five loans out of one shopping center. Some states have cracked down on these places. I think most efforts to do that in Tn. have been stopped.

Hammer/Feather's picture

Why we deserve our black eye

What is it about Tennessee laws that make us a criminal theme park? How much money did it cost particular businesses to get the laws turned in their favor?

What does the public have to do around here to be protected? What happened to 'Public Welfare Demanding It' given as the reason laws are put into effect?

jbr's picture

You used to could go to the

You used to could go to the Campaign Finance Database and easily look up contributions from sources like "Title Max"

The database interface
(link...)

Since it was "improved" I have found it to be less straightforward to use and with http status error codes. Perhaps others will have more success than me.

gonzone's picture

correct

I think most efforts to do that in Tn. have been stopped.

And you would be correct. Tennessee is the home of payday loans and the proud sponsor of outrageous usury. Did you know there's been laws against usury since the time of Hammurabi, that is until recently?

BTW, there's a great article in this month's Harpers on this very subject. Well worth reading.

"The arc of the moral universe is long, but it bends toward justice."

MDB's picture

Hammurabi

Did you know there's been laws against usury since the time of Hammurabi, that is until recently?

Everyone know that Hammurabi was a liberal.

Voting is like driving. If you want to go backwards, select R. If you want to go forward, select D.

bizgrrl's picture

Tennessee is the home of

Tennessee is the home of payday loans and the proud sponsor of outrageous usury.

I thought Delaware was the leader.

gonzone's picture

Johnson City

First Payday Loan business was in Johnson City,TN. Then what's his name in Cleveland, TN liked the idea and turned it into a notional chain business with Check Into Cash.
Delaware is home to large FIRE corporations though. Like Vegas is home to gambling and prostitution. They're very similar if you think about it.

"The arc of the moral universe is long, but it bends toward justice."

StaceyDiamond's picture

donations

There are buildings on UT campus funded by a payday loan guy, maybe two different guys.

Bbeanster's picture

Toby McKenzie-- Link...

Toby McKenzie--
(link...)

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