Cash Before Payday - Payday loans can carry some steep costs (Houston Chronicle)
Beltway Confidential | HandStamp | MeMo | Nick Anderson | SciGuy | Shop Girl | Sports Justice | TechBlog | More Blogs | chron. Payday lending is a lucrative and growing industry, which, this year, is expected to generate $7 billion in fees off of $49 billion in loans, according to Packaged Facts, a division of MarketResearch. In Texas, payday lenders have operated since 2005 as credit service organizations, which means they must register with the secretary of state and make loans through Texas-based consumer lending companies. Filling that need helped several publicly traded payday lenders who operate in the Houston area to report double-digit growth in earnings for the second quarter of the year. The company, which operates 44 pawn shops in Houston that offer payday advances and 15 Payday Advance stores, reported revenue for its payday lending and pawn shop business increased 43 percent to $213. One company, Oasis Bank, which opened in May on Wayside, is catering to Hispanic customers who don’t have bank accounts or are using payday lenders to get through tough times. Learn more
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