CANTON, Ohio — This town of 73,000 is renowned for some things — the Pro soccer hallway of popularity, the presidential collection of William McKinley, a downtown that is lively scene.
However in banking groups, this has gained a far more distinct reputation: Canton was really a nexus of this payday financing markets, for which those who have difficulty creating ends satisfy in one paycheck towards the next sign up for high-interest loans from specialty loan providers.
A half-dozen payday lending outlets payday loans Centre Alabama surround a popular shopping center, and at lunchtime they draw a steady crowd of customers on 30th Street. In the Advance America store, Martin Munn stopped in recently together with his younger child to complete their biweekly banking: Nearly every payday, he cashes their check, takes care of their final loan in complete and removes a fresh one against their next paycheck.