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Ban on check-cashing organizations could be permanent in Pico Rivera

PICO RIVERA – A renewal of the ban on check-cashing companies could be permanent, officials say. The town Council issued its last continuance of a short-term ban on check-cashing companies the other day. But based on City Manager Chuck Fuentes, the short-term moratorium is merely another formal action toward completely limiting the firms. “We don’t want any longer of the companies after all,” Fuentes stated.

The firms give short-term loans, become paid back by clients once they get their paychecks.

Additionally they cash checks for the charge, frequently centered on percentage. The fee is between ten percent and 25 % of this amount lent. Eight for the pay day loan stores occur within the town, while you can find just six conventional bank branches. The phase that is latest for the ban may be the final the town can enact prior to taking permanent action. Up to now, the moratorium has been doing destination for and the extension will last one more year. a freeze that is long-term check-cashing companies wouldn’t be the very first such moratorium when it comes to town. About 2 yrs ago, Pico Rivera stopped accepting facilities that are self-storage. Fuentes said they took small critique for your choice, to some extent since there were few places to get more storage space companies. Weiterlesen