Payday Pundit

The city of Parma, Ohio has moved to restrict the opening of new payday lending stores according to this article.    Here’s the meat of the piece:

       The law allows one store for each 10,000 residents. There are seven stores now in the city. With an 80,000-plus population, one more lender could open.

It’s astonishing to the Payday Pundit that city councils believe they have the expertise to know exactly how many payday loan stores a city should have.   And wouldn’t more stores, not less, drive competition and keep costs low?