Tuesday, May 14, 2013
A REAL NO-NO
Cash advance businesses have been on the hotseat for sometime. Legislatures tried to regulate them because of high interest rates charged. Once you get sucked into borrowing, you dig a hole for yourself and it can be hard to get out. You borrow against your next paycheck, pay back the loan with that paycheck and are out of money before the next paycheck comes along. Then you need to borrow again and again.
I have seen many people in the court news being sued for nonpayment of their payday loans. It's a habit that should not be started.
Our town currently has at least four such cash advance businesses: 1st Choice Financial, First American Cash Advance, Cashland, and Ohio Cash Advance.
In my drive through the Washington Shopping Center recently, I saw a sign for a new business coming to town – Cash Max. Just another cash advance place to take your money and put you in financial trouble. They also offer vehicle title loans. Cash Max has a branch in Chillicothe and 11 other Ohio cities.
The new location for Cash Max is in the old Blockbuster building next to Wendy's (soon to be moving to the Kroger area).
I would be more inclined to visit the new StreetSide62 Italian Bistro restaurant under construction next door to Goodwill than I would be to go to, or recommend going to any cash advance business.