San Antonio Express: Payday lenders checking out of San Antonio
September 11, 2015
Loaning money hasn’t been easy for payday and auto-title lenders operating in San Antonio the last couple of years. As a result, some of those lenders are shuttering stores and, in some cases, getting out of the short-term lending business altogether.
Figures from the city show there’s been a net loss of more than 60 payday and auto-title lending stores since the start of 2013. And with the recent disclosure by Austin-based EZCorp. and some smaller lenders that they’re pulling out as well, the net decrease will exceed 100 stores.
That would represent a more than 40 percent drop in 2½ years. Figures from the state show payday and auto-title lenders operating in the San Antonio metropolitan area made 20 percent fewer loans last year compared with 2013. Meanwhile, the dollar value of those loans fell almost 27 percent.
Read more here.