Who Invented The Payday Loan

Have you ever heard of Check Into Cash?  Well Allan Jones is said to be the inventor of the Payday Loan when he founded Check Into Cash.

While the term Payday Loan may not be attributed to Allan Jones, the concept of the short term small amount loan was something Allan Jones invented through his Check Into Cash business.  A payday loan is a small loan usually $100 - $500 where you borrow money based on you receiving a paycheck in a week or so and paying the loan back.  Generally a fee is charged when the payday loan is funded and it can be seen as an interest rate and payday loans are often critized for these high fees.

Allan Jones opened the first store in Cleveland in 1993 delivering the first Payday Loans both recipients and opponents had seen.

 One reason the payday loan has received such a bad name is that they are usually consumed and targed to poor folks.  Another demographic often using payday loans are military and nursing employees.  Some see the payday loan as a last means of obtaining loans and others see the payday loan as a predatory form of lending.