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State and Local Government / Municipal Policy

Musings On Payday Loans And Pawn Shops In Jackson County

By Bruce Stahl on Jan 10, 2012

Jackson County is considering forcing new pawnbrokers and short-term loan shops in unincorporated areas to locate at least 2,500 feet from each other. That is almost half a mile, and is rather considerable. Just imagine if gas stations were forced to locate half a mile from each other. Can anyone say “higher prices at the pump”? Who knows what will happen to these businesses and their customers if the legislation passes.

And why 2,500 feet? Who came up with that number? This article sites the possibility of crime and lower property values around clusters of these businesses, but half a mile seems a little excessive. I would hardly call it a cluster if the businesses located just one block from each other, but even one block is an arbitrary number.

As you may recall from the mantra “location, location, location,” the location of a business can drastically affect profitability. The proposed legislation may make it impossible for more than one loan shop to take advantage of a good location. Since when is that reasonable? Businesses locate in a particular area for a reason – and unfortunately for the affected businesses, the reason they locate to a particular area may be the county’s legislation dictating the available options.

Additionally, why is the government singling out pawnbrokers and short-term loan shops? What next? The proximity of ATMs? When will the regulations stop?

For more Show-Me Institute payday loan material, check out this and this, as well as this awesome video.

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About the author

Bruce Stahl

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