But it’s nevertheless an easy task to get a loan that is high-interest Houston.
Couple of years ago, on a 2ВЅ-mile stretch of Westheimer between Gessner and Voss, strip malls lining the roadway had no less than 11 storefronts payday that is hawking auto name loans. Anyone looking for a fast dollar – and prepared to spend excessive interest levels – could select from money America, Loan celebrity Title Loans, TitleMax, EZ Money Loan solutions, Ace money Express, two First Cash Advance outlets and lots of separate operators.
Today, just two of the storefronts stay to own short-term, high-interest loans to those that have no other destination to turn: the big nationwide chains Ace money Express and Advance America.
The pattern on Westheimer happens to be duplicated on commercial thoroughfares across Houston following a regional legislation took impact in July 2014 to limit the actions of small-dollar loan providers that may otherwise charge just as much as 500 % interest.