Councilman Jerry Allen leads charge against Dallas payday loan providers

Dallas Councilman Jerry Allen does not precisely understand how check that is many, payday financing and automobile name loan establishments have actually put up store in their District 10, which encompasses the majority of Lake Highlands. He assumes that the full total in Dallas varies from 250 to 300, and that Lake Highlands has “more than our share,” he claims. “They’re all over Dallas, however it enables you to think you’re neighborhood’s going downhill.”

These kinds of companies are formally called “credit services businesses” or CSOs, and they are “one associated with the quickest growing industries in the united states,” Allen says. That disturbs him because CSOs charge 300-500 percent percentage that is annual (APRs) on loans which can be generally not as much as $1,200, he says, and mostly within the $300 to $400 range. Read more