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. 

  • Today's Local News HeadlinesToday's Local NewsMore>>

  • 24 hour silent guard honors fallen heroes

    24 hour silent guard honors fallen heroes

    Sunday, May 28 2017 10:44 PM EDT2017-05-29 02:44:41 GMT
    Source: KFDASource: KFDA

    The Amarillo Civil Air Patrol Tiger Shark Squadron is setting a 24 hour silent guard in observance of Memorial Day.

    The Amarillo Civil Air Patrol Tiger Shark Squadron is setting a 24 hour silent guard in observance of Memorial Day.

  • Local business hopes to help area firefighters

    Local business hopes to help area firefighters

    Sunday, May 28 2017 10:37 PM EDT2017-05-29 02:37:10 GMT
    Source: KFDASource: KFDA

    J.R.'s Pool Palace is has partnered up with the Sons of Liberty to host a benefit for Texas Panhandle Volunteer Fire Department.

    J.R.'s Pool Palace is has partnered up with the Sons of Liberty to host a benefit for Texas Panhandle Volunteer Fire Department.

  • Portion of US 87 in Canyon to close

    Portion of US 87 in Canyon to close

    Sunday, May 28 2017 10:07 PM EDT2017-05-29 02:07:08 GMT
    Texas Department of TransportationTexas Department of Transportation

    On Memorial Day, TxDOT and BNSF will close a portion of US 87 into and out of Canyon for bridge construction and track work. 

    On Memorial Day, TxDOT and BNSF will close a portion of US 87 into and out of Canyon for bridge construction and track work. 

Powered by Frankly