High-interest loan facilities at 28 and holding in Peoria

High-interest loan facilities at 28 and holding in Peoria

About ten years ago, payday and name loans found Peoria in a large way.

Although the short-term, high-interest-rate money shops had long possessed a existence, 2007 ended up being the entire year the numbers skyrocketed, doubling from 14 within town limitations to 28 and causing an outcry from residents, customer advocates and people of the town Council.

The second team acted in belated 2008, forbidding any brand brand brand new people to start within 1,500 legs of a current loan business or in the same distance of any residentially zoned property.

The target would be to prevent proceeded clustering associated with the places — really preventing other obstructs from attracting the number that is same are along University Street between Forrest Hill Avenue and War Memorial Drive, or Knoxville Avenue between Pennsylvania and Nebraska avenues — and also by that limited assess the council seemingly have succeeded.

Some new facilities have opened and others have closed, but a Journal Star analysis of payday, title and other short-term lending facilities shows the total number in the city holding steady at 28 in the intervening nine years. Read More