News Column

BRIEF: Firm plans chain of payday loan shops

August 9, 2014

The Commercial Appeal, Memphis, Tenn.

Aug. 09--A Memphis group plans to start a chain of payday loan shops in Memphis.

As many as five Checkless Cash shops are expected to open throughout the Memphis area by December, said Randall Smith, a partner in PML Financial Inc.

Smith, a retired AT&T ad salesman, said he and four friends decided consumers needed payday shops able to print checks on the premises. Their first shop has opened on Summer Avenue and plans call for the second to open Saturday on Covington Pike.

"What you see in this business is just everybody from all walks of life coming in the door," Smith said.

Checkless Cash joins a sizeable industry in the city.

Nearly 900 payday lenders, pawn shops, tax refund offices, rent-to-own stores, check cashers, car-title lenders, bail bond offices and dollar stores take in almost $800 million per year in annual revenue, according to a University of Memphis analysis in 2012 for The Commercial Appeal.


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Source: Commercial Appeal (Memphis, TN)

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