There will me more in this space soon about Allan Jones, the man who invented the modern-day payday lending industry. A pretty interesting character who has grown hundreds of millions of dollars rich loaning the working poor $200 or $400 at a time. But for now I'll say I'm happy that my book, even if just a small piece of it, is finally starting to get out there with this excerpt appearing in the upcoming issue of Business Week, which now officially goes by the name Bloomberg Business Week. This piece, which is adapted from two of the book's payday lending chapters, tells that story of Jones stumbling on the idea for a cash advance business geared to those living on the economic fringes and his determination to turn it into a nationwide business. The story: PAYDAY NATION: How lending to people against their future paychecks went from a single shack to a strip mall staple.
Click here to see a bird's eye view of Jones's astonishing house, then under construction (picture). He told me during the two days we spent together in Cleveland, Tenn. that he had always dreamed of owning a Beverly Hills mansion like the one the Clampetts called home on "The Beverly Hillbillies." In the end, he went for a manse modeled on the famous Biltmore, the stunning French Renaissance-style vacation home George Vanderbilt built for himself during the Gilded Age.