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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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teacup
teacup
6 years ago

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.

mister mr
mister mr
6 years ago
Reply to  teacup

i passed by tonight, there’re signs on the windows now they say ‘vape’ something.

Jennifer Towner
6 years ago
Reply to  mister mr

all your Vape-ing needs… It’s interesting to see the changes on my daily walk to and from work.

rageofage
rageofage
6 years ago

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

maus
maus
6 years ago
Reply to  rageofage

“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.

Pepe
Pepe
6 years ago
Reply to  maus

Homie I don’t think he in any way implied that these were good businesses.

RWK
RWK
6 years ago
Reply to  maus

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.

pragmatic
pragmatic
6 years ago

Good riddance.

Timmy73
Timmy73
6 years ago

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.

Jonathan Mark
Jonathan Mark
6 years ago

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

dc
dc
6 years ago

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

The Ghost of Villa Escondida
The Ghost of Villa Escondida
6 years ago
Reply to  dc

Who knows what might happen?

Jason
Jason
6 years ago
Reply to  dc

Son of Taco Gringos!

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[…] CHS reported on the demise of the Money Mart at E Olive Way and Denny, readers let us know about the new signs going up at the […]

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[…] CHS reported on the demise of the Money Mart at E Olive Way and Denny, readers let us know about the new signs going up at the […]

Mango
Mango
6 years ago

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.

trackback

[…] reported on the exit of Money Mart from the E Olive Way corner in April. Pettit said the buildout is planned to be wrapped up by fall […]

trackback

[…] Last of the payday lenders leaves Capitol Hill? – 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 … […]

trackback

[…] The last of the payday loan lenders left Capitol Hill in April after Money Mart closed on E Olive Way. […]