Fearing more cash loans stores could pop up around town, city council considered a proposal Monday evening to restrict the businesses' growth and locations.
The plan would limit the number of stores to one per every 10,000 residents and restrict them from being closer than 1,000 feet apart.
"Restricting pay-day lending would undermine the principles of freedom of choice which is at the foundation of our country," said Hugh Utterback, who owns two Capital Cash Advance stores in the area. "Who will help people who find themselves short on cash if pay-day lenders are not there to provide short-term loans?"
Several residents who had taken loans spoke out in favor of the proposal.
"Having suffered through having to repay, I think $15 on a $100 (loan) is highway robbery," said C.J. Rains of Cuyahoga Falls.
Council members did not vote on the issue but could the next time they meet.
Still, Utterback hopes they consider the customers who benefit from the cash loans before making a blanket decision.
"The PayDay loan industry would not exist if people did not use and want it," he said.
news source : http://www.wkyc.com/
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