Last of the payday lenders leaves Capitol Hill?

Thanks much to Josh Bis for the sign picture. Please shower the usual gifts of a CHS Contributor upon him

Thanks much to Josh Bis for the sign picture. Please shower the usual gifts of a CHS Contributor upon him

Unless we’re forgetting something, the last payday loans-focused financial service provider serving the “underbanked” has left Capitol Hill.

A sign went up inside E Olive Way’s Money Mart this week notifying customers of the closure and referring them to the next closest branch — on Rainer Ave S.

There are still plenty of other providers of similar services even closer than Rainier. There’s a Moneytree on Madison, for example, and downtown is clustered with E-Z cash type places. Nothing on E Pike, however. Broadway, in the meantime, has become a home to several large chain banks most of which have reportedly backed out of the payday-style loan business.

Moneytree, headquartered right here in Seattle, is also having good fortune in Olympia where the legislation it is championing “to reshape the state’s payday loan regulations and allow longer-term borrowing” remains very much alive.

A call to the Canadian-based Money Mart’s national headquarters about the decision to close the E Olive Way location has not yet been returned.

Of more immediate, um, interest might be the growing amount of open spaces around the E Olive Way and Denny intersection. The Arabica Lounge — shuttered since the cafe’s February funeral — is still apparently in search of a new tenant while the Bus Stop bar has been empty since spring of 2013 and a sign in the window of Apocalypse Tattoo noted the shop had shifted to a “by appointment only” schedule. As we’ve written before, it’s a street in transition with a new Chinese restaurant, a new sports bar, new owners at the pinball bar, the same old dive, and, coming soon, a s’mores fire pit-outfitted “cakery.” Oh yeah, this new craft cocktail bar might finally open for good soon, too.

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19 thoughts on “Last of the payday lenders leaves Capitol Hill?

  1. There has been a lot of activity in Arabica this last week – a crew has been in there working. At the very least, they’ve redone the wood floors…. but it looks like more than that. Counters and kitchen look removed.

    • “Sign of the times. Not enough low-income people left on the Hill to allow payday lenders to stay in business.”

      I take it you don’t actually understand how harmful these usurious businesses are to the underclass. The swarm of tech workers aside, these are harmful, horrid businesses.

      • You’re right, maus. They are disastrous and should be banned altogether. At least their operations have been scaled back by state legislation, and hopefully the recent lobbying effort to reverse the restrictions will be shot down.

  2. These payday loan places must make a killing as they seem to be located in some of the best locations. I imagine the rent at that corner had to of been high. Such a shame how they feed off those who have the least.

  3. At the 43rd district town hall a couple weeks ago, Frank Chopp said the MoneyTree bill was already dead in the House.

  4. been waiting on this. please please please have a cheap tacqueria or something open up here – rancho bravo II? rancho charlie?

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  7. Tacos are a great idea. I never had any use for that check-cashing place. Always thought it was a nice space wasted.

    OK, but this place needs crispy tacos and chalupas (tostadas). I’m sick and tired of all these soft tacos.

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