Increase in Pay Day Loans while Tri-State Fair is in Amarillo - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Increase in Pay Day Loans while Tri-State Fair is in Amarillo

When the Tri-State Fair comes to town, many people want to take part in the fun. But for a family of four, it can cost over $100, which is causing some people to look for other options when it comes to finding extra cash. 

"This time of year we are starting to see a change. More people coming in for loans, this time of year it always happens," said David Erwin, owner of Erwin Pawn Inc. in Amarillo. 

But, he says it's not just when the fair is in town that loan requests increase.

"Usually after the fair we get really busy. People have spent all their money and they are coming in to make loans," he told us. 

Erwin says he see's this trend just about every year, but this year is a little different.

"With inflation, nothing's cheap. So they need extra money to supplement them the rest of the month."

Although loans seem to be a popular option this time of year, there are other things you can do.

John T. McElyea, the Senior Vice President at Amarillo National Bank said the most important thing to do is stick to a budget. He says doing so will help pay off loans and may even prevent you from needing one.

The average loan size for the Tri-State Fare is a few hundred dollars, which is consistent with what local loan shops are seeing.

Colleen Nelson - NewsChannel 10. 

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