Consumer choice in Elgin
September 14, 2010 | Illinois, alternatives, industry | Comments (0)A pawn shop gets approval to compete with payday and title lenders. The way it should be. From the story:
With a buffet of payday loan stores, auto title loan locations and “cash for gold” joints dotting Elgin, does the city really need a pawnshop?
The Elgin City Council answered that question Wednesday night with a yes, saying pawnshops have tougher regulations, charge lower interest rates than loan stores and could provide people strapped for cash with a viable and safe alternative.
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