Grass Valley, CA — In what Koch Industries is calling a “novel and effective way to give back to local communities,” the American mega conglomerate announced that it plans on opening one of their popular PayAdvantages payday loan and check cashing stores next to the DollarTree® in Grass Valley.
“This is one way we can help the ‘little guy’,” said Koch Industries spokesman Stephen Bleederman. “What do these small communities need? Liquidity and access to quick capital. We believe that our same-day PayAdvantages payday loan and check cashing service will provide money into the hands of people who need it the most.”
Check cashing services are a part of the “alternative financial services” which provide banking-like service outside traditional institutional banks. Organizations like the Koch’s PayAdvantagesâ„¢ stores provide short-term unsecured loans, regardless of whether repayment of loans is linked to a borrower’s payday. Supporters of same-day payroll loans say they provide an important “cash flow” service to struggling people, and that no one is forcing people to use their services. Detractors say this is nothing more than obscene usury that traps people in a non-recoverable cycle of debt and the presence of such services are a sign of economic blight.
“Look,” said an unnecessarily over-confident Brock Whalen from his Penn Valley home, “this is free enterprise. No one is forcing people to take out a 36% interest loan. And besides, we know that businesses like PayAdvantages will attract even more enterprises to the Grass Valley area, like liquor stores. That means more jobs.” Mr. Whalen commented that he thinks Pay Day advances are “as American as property foreclosures.”
But not every local was pleased with the new Koch Industries check cashing store.
“This is radically stupid idea,” said Nevada City‘s self-appointed spokesperson Sairhra Ramun. “We need to stop falling for elite’s promises of ‘more jobs’ at the sake of gutting the community’s soul. These super capitalists have no interest in helping our community. Their efforts will destroy it in short order.”
According to insiders close to the project, the PayAdvantages outlet plans on opening in February, which tends to be a slow time for local businesses and “ripe pickens” for the Check Cashing industry.
“This is what makes America great,” continued Koch spokesmen Mr. Bleederman. “And we are excited about this business opportunity in Nevada County. We’ve researched the local Nevada County Facebook groups and found that there is a significant market for our services. We believe PayAdvantages is a ‘win-win’.”