Chester Co. leaders pass new lending company ordinance - | WBTV Charlotte

Chester Co. leaders pass new lending company ordinance

CHESTER COUNTY, SC (WBTV) -

Residents and Chester County leaders say they're growing tired of seeing advance payday and title loan companies pop up one after another on one of their main highways.

You don't have to drive too far on the J.A. Cochran Bypass to notice an abundance of advance payday and title loan businesses.

"If you start counting from the red light down here, back up to the next light, you're probably going to count ten of them," said Chester County Supervisor Carlisle Roddey.

That's exactly what prompted county leaders to pass a rezoning ordinance that prohibits these types of loan companies from setting up shop along one of the busiest roads in the county.

"People were complaining. People complained every time they turned around there's another one," said Roddey.

None of the businesses are banks. They accept a title as collateral or give customers non-secured, high interest loans and those customers pay the price.

"It's so hard to pay back because it's like you just continuously paying and paying and paying. You get yourself more in the hole than you do out of it," said payday loan user Carolyn Howze.

Howze used an advance payday service in the past and says they're convenient when people are in desperate need, but admits it's a hassle to pay back the money owed.

She's giving the new move from county leaders a mixed review.

"It's good, but what about the people who really need it and can't get it? It's kind of like a back and forth thing. Some people really need it," she said.

Roddey stresses the council is not bashing loan lending services, but he wants to see them elsewhere in town.

"We're not cutting them out, we're just saying this isn't the right place to be. We've got other places they can go," he said.

He went on to say loan businesses already established on the bypass are allowed to stay.

The new ordinance went into effect on Monday.

 

Copyright 2013 WBTV. All rights reserved.

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