Payday Loan Storefront Goes Bye-Bye

No More Payday Loans
Originally uploaded by jonashpdx.

Kai wrote about this a little while back, but while walking to work this morning, I found evidence that the legislation capping consumer loan interest rates that went into effect on July 1 is obviously hitting at least some payday loan proprietors where it hurts, as the CashCo just off Lombard has closed its doors for good.

And good riddance.

Though their website still lists this location and that “CASHCO is growing,” but somehow I doubt that’s the case any longer.

For anybody who did have a loan at that N. Portland location, have fun schlepping down to the SE 39th location. Yikes. I also wonder how many customers would actually attest to the self-evaluated “great customer service” Cashco claims to offer. I know from my days behind the bulletproof glass of one of those establishments that CS work was not necessarily a high priority.

Though never before or since have I had a customer of any sort offer to pour gasoline on me and set me on fire, so, you know, it’s all relative.

3 Comments so far

  1. Murray (unregistered) on July 5th, 2007 @ 4:55 pm

    God I hate these bloodsuckers. I was excited when I first read your post and then saddened when I saw that CashCo is directing their patrons to visit their SE 39th location. Ever since the new legislation went in place I keep hoping to see that particular location shut down.

    I have to drive past it on my way home from work or to my house in Woodstock. I hope they ALL go out of business.

  2. Kevin McCarthy (unregistered) on July 7th, 2007 @ 6:50 am

    You will see a lot more stores closing their doors and a lot more people having to go to other places to get the money that they need. The most likely place will be more expensive off shore internet lenders. Short term loans simply cannot be provided at a 36% APR. You are very fortunate not to be in a position where you need money and no longer have a place to get it. Good for Oregon to force people to find other means to get their needed money from places that are completely unregulated and much more expensive than what they have had in years past.

  3. Murray (unregistered) on July 8th, 2007 @ 7:53 am

    I feel no sympathy for the title loan “businesses”. However, I do feel sympathy for the people who feel compelled to use them. I think the solution is for banks and local credit unions to step up and offer short-term loans to the people who need them. I thought some credit unions were already doing this for people with not so great credit.

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