Fourth cash loan shop set to open in Kingswood town centre

By BeckyFeather | Tuesday, November 15, 2011, 14:54

Within a few hundreds yards in Kingswood you'll find three loan shops - and now a fourth is opening up - a sign of tough times as more and more people struggle to survive until pay day?

This empty unit in Regent Street, Kingswood, is set to open as Convert2cash soon
The Money Shop in Kings Chase Shopping Centre
Cheques & Change in Regent Street, Kingswood, is an independent pawnbroking firm

The empty shop unit in Regent Street that sold fireworks in the run-up to Bonfire Night now has a sign in the window saying it will become Convert2cash, a "buy in discount shop" paying out "instant cash". But before it becomes a pawnbrokers, Christmas trees will be sold from the unit from December 1.

Just a few yards away, on the other side of the road at Kings Chase Shopping Centre is The Money Shop, part of a national chain, which offers payday loans and cheque cashing - and an APR of 260.2 per cent, according to its website.

Cheques & Change in Regent Street is an independent pawnbroking firm with branches in and around Bristol, and a little further along Regent Street is Cash Convertors, offering cash advance, cheque cashing and pawnbroking and gold buying services.

Are these shops preying on people who need cash fast - or offering a valuable financial service in hard times? Let us know what you think

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Comments

We have to blame the landlords who live in London for this. They don't care who fills their shops as long as they get their blood money. I wish South Glos council could/would do something about it.

By king1and at 01:14 on 21/11/11
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I think in answer to the question are these shops preying on people who need cash simply is YES,they charge vast amounts for their loans far more than any ordinary bank would do,they are loan sharks in disguise.Kingswood doesnt need another loan shop surely!

By bluebuttons at 10:29 on 18/11/11
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Deanna Quirke retweeted this story on Twitter, commenting: "it's disgusting how they prey on vulnerable people"

By BeckyFeather at 18:55 on 15/11/11
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