High-interest loan facilities at 28 and holding in Peoria

High-interest loan facilities at 28 and holding in Peoria

About ten years ago, payday and name loans stumbled on Peoria in a way that is big.

The numbers skyrocketed, doubling from 14 within city limits to 28 and causing an outcry from residents, consumer advocates and members of the City Council though the short-term, high-interest-rate cash stores had long had a presence, 2007 was the year.

The group that is latter in belated 2008, forbidding any new people to start within 1,500 legs of a current loan company or inside the same distance of every residentially zoned home.

The target would be to prevent proceeded clustering associated with the places — really preventing other obstructs from attracting the number that is same are along University Street between Forrest Hill Avenue and War Memorial Drive, or Knoxville Avenue between Pennsylvania and Nebraska avenues — and also by that restricted gauge the council appears to have succeeded.

Some new facilities have opened and others have closed, but a Journal Star analysis of payday, title and other short-term lending facilities shows the total number in the city holding steady at 28 in the intervening nine years.

The 3 City Council people whoever districts have a greater part of the loan emporiums — in the second, third and 4th districts, frequently along major thoroughfares, near coach stops and grocery or big-box shops — expressed satisfaction that the issue had not gotten more serious because the ordinance had been instituted, but provided differing views of what else can be carried out to avoid their growth or viability that is continued. Continue reading High-interest loan facilities at 28 and holding in Peoria