In fact, there won’t be any payday lenders or title loan joints going up until those businesses—which often prey on low income residents with iffy credit—make some major changes to the way they do business.
A couple weeks ago I wrote about the fate of Big Momma’s Chicken and Waffles at Forest Audelia. I made the comment that the intersection could do worse than Big Momma’s, which had a loyal following, and that it would be a shame if a a title or payday loan store popped up in its place.
During a conversation about an unrelated topic this week, District 10 (Lake Highlands) councilman Jerry Allen reminded me that—because of an ordinance he led and passed two years ago—lending businesses must obtain a Special Use Permit. That means they must pay a fee and go through Planning and Zoning Commission and City Council before setting up shop. It’s too expensive and too cumbersome for them, and even if they made it to council, Allen says, he’d deny them.
Since the ordinance was passed, many cities have followed Dallas’ lead in regulating payday lenders.
Allen continues to push for more regulations and until then, he says, he won’t allow any more in District 10, which already has its share. We’ll report more on that soon.
