Poor economy attracts new lenders
When two new "quick loan" companies open for business here in the coming weeks, Socorro will have a total of eight places offering fast cash at high interest. That's about one per every 1,000 residents.
A new Check 'N Go is opening next to El Camino Restaurant. A new "Car Title & Payday Loan" place is going in next to Family Dollar, in the space left empty when Movie Gallery shut down.
The six firms already catering to the pool of customers willing to pay an annual percentage rate anywhere from 200 to 500 percent for a small, theoretically short-term loan aren't too happy to see the new companies moving into town.
"To me, it's like overkill," said Valerie Lesperance, manager of Your Credit, which has been in Socorro almost 20 years and offers loans from $200 to $2,000.
Adela Gonzales, manager of Continental Loans, another long-time Socorro business, agrees.
"I don't like it," she said. "People that do have loans here barely make it as it is. They can't afford more."
What Gonzales means by "more" is more loans, and more interest.
Lesperance compared it to when a new restaurant opens in town: Everyone tries out the new place.
But in this case, the new place may give them indigestion. While the managers of the established stores acknowledge that their interest rates and fees are pretty high, they think the new stores' rates are going to be a lot worse.
And they're worried their customers are going to get hurt.
Most of the small lenders in Socorro offer unsecured signature loans, to people they say would have trouble getting a loan any other way. Their customers are people who have managed to ruin their credit somehow and need help rebuilding it. Or, they're retired people on fixed incomes, who have just barely too much money coming in for them to qualify for social welfare programs, but not enough to always be able to cover their prescription medication costs.
large fast cash loans - News
When two new "quick loan" companies open for business here in the coming weeks, Socorro will have a total of eight places offering fast cash at high interest. That's about one per every 1000 residents. A new Check 'N Go is opening next to El Camino
This was the main reason for Cash Advances US to create fast cash loans which now can be taken through the Internet in 1 hour. The major thing that makes them so speedy is the absence of complications and lengthy procedures.
That idea got the attention of the US Department of Energy, which in 2006 invited the company to apply for a new loan guarantee program to help fund the work. Fast-forward past some government red tape. By early January 2009, Solyndra's loan
There has, however, only been lukewarm interest, suggesting that more ECB cash may not be the answer to a creeping credit freeze. Interbank markets remain tight, with banks worried about the health of their peers and also holding back cash as they face
high-interest lending to the cash-strapped. The sector is regulated by the Office of Fair Trading, but there is little information on how fast the firms, also known as legal loan sharks, are growing, or even how many operate in Britain.
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