CANTON, Ohio This town of 73,000 is famous for a couple of things the professional Football Hall of Fame, the presidential collection of William McKinley, a lively downtown arts scene.
However in banking sectors, it’s gained a far more distinct reputation: Canton is really a nexus of this payday financing industry, by which those that have difficulty making ends satisfy from a single paycheck towards the next take out high interest loans from specialty loan providers. A half dozen payday lending outlets surround a popular shopping center, and at lunchtime they draw a steady crowd of customers on 30th Street. During the Advance America store, Martin Munn stopped in recently together with his young daughter to complete their biweekly banking: Nearly every payday, he cashes their check, pays off their final loan in complete and removes a brand new one against their next paycheck. The quantity he borrows differs, however it is typically around $500, which is why he will pay a charge of $73 a 380 percent yearly interest.