Payday Loans Fast Cash Advance

Payday loan providers offer money in a hurry

Natchez - Whether an order of fries or an advance on your next payday, Natchez, you're covered.

The city has almost as many providers of payday loans - about 10 - as he does behind the wheel of fast food restaurants.

But that does not mean what you think, according to the Mississippi Department of Banking and Consumer Finance Commissioner John Allison.

"In a disadvantaged region, there is no more (payday lenders) in a region that is economically viable," he said.

Allison said there is no particular concentration of payday lenders in any part of the Mississippi, and there are probably 950 to 1 000 of them statewide.

Those sponsoring the lenders are not just economically depressed, said Jesse Whitehead, the owner of one of three suppliers of Vidalia payday loan.

"You'd be surprised to see people coming in," said Whitehead, owner of Cash in a Dash.

Whitehead and other small business owners loan said public perception is that people only on the lower end of the socio-economic development of the owner companies.

"It's more of a middle or working class type people using our services," said Dan Robinson of Pearl, president of the Mississippi Check cashers and owner of the chain Mississippi Cash Inc.

Robinson began to open offices Cash Inc. in Mississippi in the 1990s.

"People need smaller (loan) amounts, not larger quantities," said Robinson.

Robinson said his industry has been regulated by the Center for Responsible Lending in Washington, DC, since 1998.

"We have fewer complaints than any other regulated industry," he said. "Out of 1.5 to 1.7 million transactions, there were only seven formal complaints. "

Robinson said that because the loan is simple.

"You have a short time to repay, and the costs are high, but not as high as other alternatives."

Whitehead said an overdrawn account could easily check the wind up costing more than a payday loan could not. He also noted that NSF is often small amounts.

"The banks charge $ 25 to $ 35 insufficient funds fee for each check," he said. "And the company where you wrote the check will you charge.But if you come here need to pay $ 200 until the refund is about $ 45, and prevents you from bouncing three checks. But nobody sees it that way. "

Robinson added that, compared to non-sufficient funds charges, credit card late fees and utility reconnection costs, taking a payday loan can be much cheaper.