The unpretentious city of Cleveland, Tenn., in the foothills of the Great Smoky Mountains seems an unlikely epicenter for a $50-billion-a-year financial industry with its quaint downtown and tree-lined streets.
But that is where W. Allan Jones founded look at money, the granddaddy of contemporary payday lenders, which appeal to scores of financially strapped working people who have short-term loans — at annualized interest levels of 459%.
“It’s the craziest company,” said Jones, 55, a genial homegrown tycoon who founded their independently held business in 1993. “Consumers love us, but customer teams hate us.”
Years back, a member of staff may have expected their manager for an advance on their paycheck. Continue reading