Advance America’s location at 8574 Westheimer is certainly one of 20 shops when you look at the string that stay available.
The organization shut 11 shops into the wake of Houston’s crackdown on payday lenders.
2 yrs ago, on a 2ВЅ-mile stretch of Westheimer between Gessner and Voss, strip malls lining the roadway had no less than 11 storefronts payday that is hawking automobile name loans. Anybody in need of a buck that is quick and ready to pay excessive interest levels – could choose from money America, Loan Star Title Loans, TitleMax, EZ Money Loan solutions, Ace money Express, two First Cash Advance outlets and lots of separate operators.
Today, just two of these storefronts stay to offer the short-term, high-interest loans to individuals who have no other destination to turn: the big nationwide chains Ace money Express and Advance America.
The pattern on Westheimer is repeated on commercial 
thoroughfares across Houston after a law that is local impact in July 2014 to limit the actions of small-dollar loan providers that will otherwise charge up to 500 per cent interest. Ever since then, the true amount of certified payday and title loan providers in Houston proper has plunged 40 per cent, to 187 from 310, while transactions over the metro area have actually dropped by 27 %. (more…)