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A middle-class go on to payday loan providers

The unpretentious city of Cleveland, Tenn., in the foothills of the Great Smoky Mountains seems an unlikely epicenter for a $50-billion-a-year financial industry with its quaint downtown and tree-lined streets.

But this is how W. Allan Jones founded look at money, the granddaddy of modern lenders that are payday which focus on an incredible number of financially strapped working people who have short-term loans — at annualized interest levels of 459%.

“It’s the craziest company,” said Jones, 55, a genial homegrown tycoon who founded their privately held company in 1993. “Consumers love us, but customer teams hate us.”

Years back, an employee might have asked their boss for an advance on their paycheck. Now, having a driver’s permit, a pay stub and a bank checking account, he is able to head into a typical cash advance store, postdate a look for $300 and walk down with $255 in money after a $45 charge. Sigue leyendo