We live in a popular tourist and gambling area so there are a lot of pawn shops and payday loan stores in the area. I know the gal who manages the "Check Advance" out on the highway. I was visiting with her recently and she told me that to get a loan, all a person needs is a checking account and a most recent bank statement. Then they write a check for $588.00 for a loan of $500.00. On the day that the loan is due, the borrower comes in and pays the 588 in cash and they are given their check back. If they don't show up after three days, they simply cash the check (although they prefer for the borrower to come in) And yes, most borrowers are poverty stricken. Most go in and pay the $88.00 fee and "re-loan" week after week.
She had also heard of Esprit and was familiar with their software, although they don't use it. Anyway, just sharing. GL
Money doesn't talk...IT SCREAMS!
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