Chattanooga Aims to Cut Down on Number of “Predatory Lending” Establishments

(WDEF)      Chattanooga wants to cut down on the number of predatory lending establishments in the city limits.
     Mayor Andy Berke’s office is working with Council members Carol Berz and Russel Gilbert.
     They presented a resolution to the Planning Commission Monday.
     It recommends decreasing the concentration of alternative financial services establishments that provide title loans, payday loans and pawn shops.
     The Mayor’s office said concerned residents brought the issue to his attention.
     City Council member Russel Gilbert said, "The percentage is so high for a person to manage.  What is it?  391% interest?  That’s kind of high."
     Check into Cash employee Meredith Broyles added, "You may like or dislike the industry.  And that’s a totally separate issue.  You may think we charge too high an interest rate.  But that’s something the legislature addresses.  What the City Council addresses are the look of the buildings and the concentration."
     The Planning Commission approved the resolution stating any new businesses of this type cannot be located within a quarter mile of an existing location, or within 500 feet of a residential area.
Categories: Business, Consumer News, Government & Politics, Hamilton County, Local News

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