The most popular Cash Advance stores in Irving Texas are the National Chain check cashing company storefronts, such as Ace America, Ace Cash Express, Advance America, PLS Check Cashers, and Speedy Cash.
I’ll spare you the typical whining about how expensive this form of lending is, and how much trouble it can get you in. The fact remains that this is a legal lending product in most States in the U.S., and it’s not about to become extinct in Irving any time soon. I would never recommend that anyone actually use a Payday Lender anywhere in the Country, and certainly not in Texas – BUT in the ODD case there can be a time and place for a Payday Loan.
The obvious example that most of these short-term lenders use is,
The Case of the Broken Down Car.
The spiel goes that you if you don’t have a family member, friend, or friendly employer, who will front you the money, and you need to have your vehicle in working order RIGHT NOW, then a Cash Advance product is the answer you are looking for.
Unfortunately though, when these companies routinely charge an APR (annual percentage rate) of over 350% it looks very much like highway robbery – or to use a word even more egregious……loan sharking.
However which way you want to look at it, micro-loans between $100-$300 (and sometime as high as $2500 depending on State Law and where you live) will be required for those poor folks who are in dire need of emergency cash. I can’t see a United States Congress ever completely banning these products – well, as long as there are some ranking Republicans with power left in Congress. It’s the American Way – if you want to sell a predatory lending product, then it’s BORROWER BEWARE.
If you ever take the time to look at a map of Texas (and of course Irving) you will notice that there are a whole bunch of these paycheck lenders – more than any other State. Why you ask? Simple – the Regulations set forth by the State Legislature in Texas allows for the most freedom possible for payday loan shop proprietors. So if you own a deferral check cashing business, where else are you going to pig out (cash out) and base your Head Offices?
For example, Ace Cash Express, which I mentioned above, actually has their head office in Irving Texas. Big deal you are likely thinking, except that when you consider that this Irving Texas-Based lender is one of the BIGGEST check cashing companies in the United States. I suppose that is why I choose this town to write about. Their info is as follows;
Ace Cash Express
Corporate Office
1231 Greenway Drive, Suite 600
Irving, TX 75038
When you see a full list of all the payday loan stores in Irving, you will see how prevalent Ace is in the community. Wonder how much profit they are making coast to coast at an APR between 350% and 550%?! I do wonder – I wonder about those people who are down on their luck so bad they have to resort to a check deferral loan.
For the purposes of demonstrating how many payday loan stores there are inTexas, please click the inset picture. I’ve centered the map to Irving, Texas for the purposes of this article, but just look at those red dots – each one represents a Payday Loan shop. It looks like Texas has a really bad case of the Payday Measles.
When look in other States, in other Cities the size of Irving, you can’t help but notice the difference in volume…….as in turned down to 3. Texas goes to eleven.
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