Driving along Denton Highway, the key thoroughfare of Haltom City, you pass churches, fast-food restaurants, and automotive fix stores. In some places amid one other storefronts, vibrant colored indications beckon with promises of вЂњ100 per cent approvalвЂќ and вЂњEveryday is paydayвЂќ вЂ” tempting invitations from 1 of the very most pervasive brand brand new companies in this blue-collar suburb: payday lenders.
The town simply east of Fort Worth hosts 16 вЂњcredit access companies,вЂќ the brand new industry term for payday and auto name loan providers. These businesses arenвЂ™t regulated by Texas usury laws, which limit fees and interest rates unlike banks and savings and loans. So payday loan providers can charge percentage that is annual surpassing 500 %, plus costs which range from $20 to $30 for every single $100 this is certainly borrowed. Read more