Inside the Battle Over Florida’s Racially-Charged Cash Advance Racket

Inside the Battle Over Florida’s Racially-Charged Cash Advance Racket

When Jon Gomez required some fast money to fix a cooling fan inside the 2007 Toyota, the 38-year-old distribution driver relied on a well known economic solution provided by Amscot—The Money Superstore. The Cuban-American stated he took down a $400 pay day loan at one of their places in Hialeah, Florida, where he lives.

All Gomez had to do was prove employment and write out a personal check from a valid bank account post-dated by 14 days, at which time he was set to receive his next paycheck to get the four Benjamins. He decided to pay off the complete quantity, plus a $41 finance fee, Gomez recalls.

It surely got to a place that the person did not have money that is enough protect one of is own cash advance checks, also it bounced. Under Florida law, Gomez cannot get another payday loan until he settles the outstanding one. “That turned into a blessing in disguise, ” he recalls. “we will not place myself with debt like this once again. “

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