Wyoming, Michigan?
October 13, 2008 | Michigan, local issues, states | Comments (1)I don’t think we’re talking about two states here. There’s a town in Michigan called Wyoming that feels it has too many payday lenders. They want to spread them out according to this story:
Wyoming has so many roadside signs and shops advertising it that the city’s Downtown Development Authority is exploring regulations to limit the so-called “payday” lenders on 28th Street SW. A possible rule of thumb would require stores be no closer than 500 or 1,000 feet.
There are eight state-licensed cash stores on 28th Street SW in Wyoming, and five are in the half-mile between Michael and Clyde Park avenues.
“It’s not so much the use (that’s a problem); it’s the connotation of having them so densely situated in any one particular area,” said Douglas Kochneff, DDA chairman and owner of Action Tire Center at 841 28th St. SW, next to Instant Cash Advance.
There must be a great need in Wyoming, Michigan if there are so many stores.
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His use of the word “connotation” is interesting. If I read it correctly he’s saying that payday loan stores imply “lower class” people, and since everyone wants to live in an “upper class” neighborhood, payday loan stores are bad for the general perception of the neighborhood and real estate values. The desire of some people to get rid of payday loan stores is like the desire to get homeless people out of sight.
I wonder if what ticked the Dept. of Defense off about payday loan stores near military bases is the implication that military personnel are underpaid…