William Allan Jones Jr. (born December 31, 1952) is an American businessman from
Cleveland, Tennessee
Cleveland is the county seat of and largest city in Bradley County, Tennessee, United States. The population was 47,356 at the 2020 census. It is the principal city of the Cleveland metropolitan area, Tennessee (consisting of Bradley and neigh ...
. He is the founder, chairman, and CEO of
Check Into Cash, Creditcorp, Jones Management Services, and the Community Financial Services Association, as well as several other local
lending agencies.
He has been called the "father of the payday loan industry" for founding and building the first major
payday loan
A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a short-term unsecured loan, often characterized by high interest rates.
The term "payday" in payday loan refers to ...
chain.
Early life and education
Jones was born on December 31, 1952, in Cleveland, Tennessee to William A. (Bill) Jones (1919–1981) and Virginia Slaughter Jones (1925–2003).
He was the first baby to ever be born at Cleveland's Bradley Memorial Hospital. In 1984, Jones' daughter, Abby, was the first baby born at the hospital's new Women's Center. Jones donated the first Mother's Garden at the hospital in honor of his mother, wife, and daughters.
Jones attended
Cleveland High School, where he wrestled and won various awards and served as team captain.
He graduated in 1972. Jones credited wrestling with helping build character: "In wrestling, I didn't have anyone to rely on but me." He declined wrestling scholarships to pursue a business degree at
Middle Tennessee State University
Middle Tennessee State University (MTSU or MT) is a public university in Murfreesboro, Tennessee. Founded in 1911 as a normal school, the university consists of eight undergraduate colleges as well as a college of graduate studies, together off ...
.
[''The Mat''. "Allan Jones Donates $1 Million to Build Wrestling Facilities" by Sandra Rowland, May 23, 2001]
Business career
Early career
Jones left college at age 20 to help his father stabilize the family's small business, the Credit Bureau of Cleveland.
[Chattanooga Times Free Press, February 24, 2008] He purchased the business from his father in 1977 and developed it to become the largest privately owned credit bureau databases in the state, covering 63 counties.
Jones sold the credit reporting side of the business to
Equifax
Equifax Inc. is an American multinational consumer credit reporting agency headquartered in Atlanta, Georgia and is one of the three largest consumer credit reporting agencies, along with Experian and TransUnion (together known as the "Big Thr ...
in 1988, although he retained the name and the company's collection agency division. He then built the company to be the largest in Tennessee with offices from Memphis to Atlanta. Jones sold the company in 1998.
The sale to Equifax set a record for the highest price per earnings paid for a credit reporting business.
Jones founded Check Into Cash in 1993. The idea arose from him seeing a former credit bureau manager who was operating out of a small service station and cashing checks with the agreement that the owner would hold the checks until the next payday before submitting them to the bank. Check Into Cash eventually grew to include 1,300 stores nationwide.
Check Into Cash
![Check Into Cash store](https://upload.wikimedia.org/wikipedia/commons/e/ed/Check_Into_Cash_store.jpg)
Jones opened the first Check Into Cash store in Cleveland, Tennessee in 1993. The business model was legalised in 1997 after Jones and other payday industry executives lobbied the Tennessee state legislature to allow payday lending. The ''
Los Angeles Times
The ''Los Angeles Times'' (abbreviated as ''LA Times'') is a daily newspaper that started publishing in Los Angeles in 1881. Based in the LA-adjacent suburb of El Segundo since 2018, it is the sixth-largest newspaper by circulation in the Un ...
'' reported that Jones made over $23,000 in political donations during this time while
Harper's Magazine
''Harper's Magazine'' is a monthly magazine of literature, politics, culture, finance, and the arts. Launched in New York City in June 1850, it is the oldest continuously published monthly magazine in the U.S. (''Scientific American'' is older, b ...
reported $29,000 in political donations.
[
Jones merged Check Into Cash in 2021 with Community Choice Financial. In 2022, he announced that Community Choice had acquired competitor Speedy Cash and the company's 1,700 employees.
]
Community Financial Services Association
Jones has been credited with founding the Community Financial Services Association of America
The Community Financial Services Association of America (CFSA) is a trade association in the United States representing the payday lending industry.
Controversy
The payday lending industry has been the source of ongoing controversy due to its lo ...
, or CFSA in 1999. CFSA is the national trade association for companies that offer small-dollar, short-term loans or payday advances. Through a code of "Best Practices," CFSA members pledge to abide by responsible industry practices that ensure customers understand the cost and risk of short-term payday advances to facilitate the best financial decisions. The practices also require that members hold themselves "to the highest standard of service".
Jones said he founded CFSA after breaking away from the National Check Cashers Association, due to concerns that the NCCA, now called Financial Service Centers of America, was not giving enough attention to the payday lending industry.
Hardwick Clothes
In 2014, Jones purchased Hardwick Clothes
Hardwick Clothes is an American clothing manufacturer headquartered in Cleveland, Tennessee specializing in tailor-made suits for men and women. Founded on July 28, 1880, Hardwick Clothes is the oldest maker of tailored clothing in America, and ...
, a company founded in Cleveland, in 1880. Hardwick Clothes is the oldest manufacturer of tailor-made clothing in the United States.
Hardwick Clothes, which began as Cleveland Woolen Mills, was one of two companies founded by C.L. Hardwick in the 19th century. Hardwick put his son Joseph in charge of Hardwick Stove, the family's other business, while his son George ran the clothing company. Cleveland Woolen Mills soon evolved into a manufacturing plant, making suits and other items of apparel. Hardwick Stove was absorbed into Maytag
The Maytag Corporation is an American home and commercial appliance company owned by Whirlpool Corporation since April 2006.
Company history
The Maytag Washing Machine Company was founded in 1893 by businessman Frederick Maytag. In 1925, ...
in 1981.
The company, known for its "Sewn in the South" slogan and renowned during the 1960s for making the world's best blazer, was facing bankruptcy when Jones acquired it. Jones has said he was attracted to Hardwick Clothes because it was the oldest business of its kind in America, and is convinced that the American consumer pendulum is swinging back to "made in America."
Within weeks of purchasing Hardwick Clothes, Jones named Bruce Bellusci, former executive vice president at Hart Schafner & Marx, the company's new CEO/president. He also recruited Hart's designer, engineer, and three top salesmen to Hardwick.
In September 2017, Jones made national headlines when he announced that Hardwick Clothes, Check Into Cash and his other companies would no longer advertise during NFL games as a response to the national anthem protests by the league's players, which the businessman called "unpatriotic behavior." Jones was featured on the Fox Business Network
Fox Business (officially known as Fox Business Network, or FBN) is an American business news channel and website publication owned by the Fox News Media division of Fox Corporation. The channel broadcasts primarily from studios at 1211 Avenue ...
discussing the decision.
Jones sold Hardwick in December 2019 to the company Puerto Rico Industries for the Blind.
Other business ventures
Jones is the largest property owner in Bradley County and has renovated many buildings, including a former shopping mall that he altered to become a site for his companies.
The Cleveland/Bradley Chamber of Commerce awarded Jones with the M.C. Headrick Free Enterprise Award, the organization's highest honor in 2003. That same year Jones was inducted into the University of Tennessee at Chattanooga
The University of Tennessee at Chattanooga (UT-Chattanooga, UTC, or Chattanooga) is a public university in Chattanooga, Tennessee, United States. It was founded in 1886 and is one of four universities and two other affiliated institutions in the ...
's Entrepreneurship Hall of Fame.["Entrepreneurship Hall of Fame, 2003"]
, October 2003.
Jones was included on ''BusinessTN'' magazine's "Power 100" list in 2005.[''BusinessTN'', July 2005.] Jones appeared on the cover of ''BusinessTN'' Magazine and was characterized as "The King of Cash". The magazine ranked Jones as one of the 20 wealthiest people in Tennessee.[Drew Ruble]
"The King of Cash"
, ''BusinessTN'', July 2005
In addition to Check Into Cash, Jones has founded or purchased several affiliate agencies, including U.S. Money Shops, a pawn agency, LendingFrog.com, an online lending agency, Loan By Phone, and Buy Here Pay Here USA, a used car
A used car, a pre-owned vehicle, or a secondhand car, is a vehicle that has previously had one or more retail owners. Used cars are sold through a variety of outlets, including franchise and independent car dealers, rental car companies, buy ...
finance dealer.
High school wrestling support
Jones is the largest individual supporter of high school wrestling in the United States. He founded the Cleveland/Bradley Wrestling Club in 1990,[''The Mat'', "Allan Jones Donates A Million Dollars", by Sandra Rowland, May 23, 2001.] and provided the $1.3 million funding for the Jones Wrestling Center located on the Cleveland High School campus. Jones was also the sole funder of the wrestling building at Bradley Central High School. The clubs have been successful, with Jones remarking that "It has very little to do with the buildings and it has everything to do with the right coaches.". Bradley Central High School has won 26 state championships, most recently in 2017.
In the 2013 state championship, Cleveland beat runner-up Wilson Central 78–4, setting a TSSAA record for the most lopsided margin of victory, most pins and quickest championship. Since the 2006–07 season, the wrestling team has won state championships in 2011, 2013, 2014, 2015, 2018, 2019, 2020, 2021 as well as 2022 and 2023.
In 2016, Jones was inducted into the National Wrestling Hall of Fame located in Stillwater, Oklahoma. In 2017, Jones received national attention when he auctioned off a 2009 King Ranch F-150
The Ford F-Series is a series of light-duty trucks marketed and manufactured by Ford since the 1948 model year. Slotted above the Ford Ranger in the Ford truck model range, the F-Series is marketed as a range of full-sized pickup trucks. ...
four-wheel drive pickup truck autographed twice by President George W. Bush
George Walker Bush (born July 6, 1946) is an American politician who served as the 43rd president of the United States from 2001 to 2009. A member of the Republican Party, Bush family, and son of the 41st president George H. W. Bush, he ...
. The proceeds of the auction went to benefit Cleveland's Higher Calling Youth Wrestling Club and the National Wrestling Hall of Fame Dan Gable Museum.
Philanthropy
In 1990, Jones founded MainStreet Cleveland, dedicated to the revitalization and promotion of Cleveland's historic downtown area and donated the funds for the construction of the Virgil F. Carmichael addition to the Cleveland Public Library.
In 2011, Allan Jones contributed to the non-profit organization tnAchieves, enabling it to launch its scholarship and mentoring program in all three Bradley County high schools, ensuring that every graduating senior from Cleveland High School, Walker Valley High School
Walker Valley High School (WVHS) is a public high school in the Bradley County Schools system located in the northern part of Bradley County, Tennessee near Charleston. The school serves about 1,600 students in grades 9–12.
The school's ma ...
, and Bradley Central High School
Bradley Central High School is a public high school located in Cleveland, Tennessee that serves approximately 1,700 students from grades 9-12. It was founded in 1916, and is part of the Bradley County Schools system. The school maintains a cross ...
had the opportunity to attend Cleveland State Community College
Cleveland State Community College is a public community college in Cleveland, Tennessee. It is operated by the Tennessee Board of Regents. Like most community colleges, emphasis is on associate's degree-level classes, but it also offers some thi ...
. In 2015, Jones was awarded the first-ever honorary degree from Cleveland State during its 49th Commencement Ceremony where he was the keynote speaker. A few days later, Jones received the Chancellor's Award for Excellence in Philanthropy from the Tennessee Board of Regents.
In 2012, Jones received the prestigious Fred Gregg Jr. award from the Greater Chattanooga Sports Hall of Fame for significant contributions to sports.
In 2014, the Jones family gave a donation to Lee University to purchase the old First Baptist Church building in downtown Cleveland and renovate it into a music performance hall. The building was named "Pangle Hall" in honor of Jones' wife Janie Pangle Jones. Lee University President Paul Conn said Pangle Hall was only possible due to this donation.
In 2017, Jones made national headlines after he donated 43,000 pairs of eclipse-viewing sunglasses to students in six Tennessee school systems. The businessman said the donation was made to ensure students who wanted to view the solar eclipse did so only with safe, NASA-approved glasses.
Tall Betsy
Jones is credited with the creation of the legend of Tall Betsy
Tall Betsy is a cultural Halloween icon originating in Bradley County, Tennessee, United States. Tall Betsy was declared the "Official Halloween Goblin" of Bradley County in 1989.
Origins
Allan Jones, a Cleveland, Tennessee entrepreneur
En ...
, a Halloween
Halloween or Hallowe'en (less commonly known as Allhalloween, All Hallows' Eve, or All Saints' Eve) is a celebration observed in many countries on 31 October, the eve of the Western Christian feast of All Saints' Day. It begins the observanc ...
cultural icon based in Bradley County.
Jones based the character on stories (local folklore) that were told to his mother, Virginia Slaughter Jones, by her mother, Marie Schultz Slaughter. Virginia and other Cleveland children being raised during the 1930s were told by their parents that if they failed to come home before dark they would likely encounter Tall Betsy, sometimes called Black Betsy or simply "The Lady in Black."
In 1993, Jones' home on Centenary Avenue was the site of a Halloween world record. According to media reports, the Jones family handed out 11,201 pieces of bubblegum from 5 pm to 8 pm.
Tall Betsy last appeared in 1998 after drawing a Halloween crowd of 25,000, although no explanation was ever given for the goblin's disappearance. Jones later told a reporter that while the goblin may have vanished, her spirit is embedded in the hearts and minds of the Cleveland residents who saw Tall Betsy during the eighteen years from 1980 to 1998.
The 2005 Block Party was dedicated in honor of Tall Betsy's 25th anniversary. The Block Party drew the largest crowd in the event's history. Jones arranged for nationally recognized celebrities such as the cast of '' Leave It To Beaver'' and Little Richard
Richard Wayne Penniman (December 5, 1932 – May 9, 2020), known professionally as Little Richard, was an American musician, singer, and songwriter. He was an influential figure in popular music and culture for seven decades. Described as the " ...
to entertain the more than 30,000 attendees. The Tennessee General Assembly
The Tennessee General Assembly (TNGA) is the state legislature of the U.S. state of Tennessee. It is a part-time bicameral legislature consisting of a Senate and a House of Representatives. The Speaker of the Senate carries the additional title ...
declared Tall Betsy the official Halloween goblin of Bradley County in 1989. In 2011 the character was the subject of a documentary film. In 2014, Jones' son, Bailey, assumed the identity of Tall Betsy and has appeared as the goblin each year at Halloween.
Criticism and controversy
Jones' company Check Into Cash has received criticism for its high interest rates and for harming its customers. This business model has been repeatedly criticized for targeting those of low-income. The April 28, 2010, episode of MSNBC
MSNBC (originally the Microsoft National Broadcasting Company) is an American news-based pay television cable channel. It is owned by NBCUniversala subsidiary of Comcast. Headquartered in New York City, it provides news coverage and political ...
's ''The Rachel Maddow Show
''The Rachel Maddow Show'' (also abbreviated ''TRMS'') is an American liberal news and opinion television program that airs on MSNBC, running in the 9:00 pm ET timeslot Monday evenings. It is hosted by Rachel Maddow, who gained a public pr ...
'', had a segment about the payday loan industry. Maddow criticized Jones for charging people high interest rates.
In a 2010 interview with ''The Huffington Post
''HuffPost'' (formerly ''The Huffington Post'' until 2017 and sometimes abbreviated ''HuffPo'') is an American progressive news website, with localized and international editions. The site offers news, satire, blogs, and original content, and ...
'', when asked about the lack of diversity in his hometown of Cleveland, Jones allegedly said, "We have just enough blacks to put together a decent basketball team — but not so many the good people of Cleveland, Tennessee need to worry about crime. That's why I can leave my keys in the car with the door unlocked". He noted that many of his company managers and friends are African Americans. The article cited an anonymous source who claimed some company employees referred to a black man who shines shoes as the "Little Chocolate Man" although no source for the comment was ever provided. Also in that interview, a former employee of Jones' company stated that Jones' barber shop was successful because of "female barbers with big titties."
Jones denied ever making the statements to numerous media outlets and claimed he was misquoted, stating "I gave generously of my time...to assist in the preparation for writing a book, purported to fairly represent the credit needs of the middle income working population and the markets that serve them. Unfortunately, (the author) has chosen to rearrange some of my remarks to draw incorrect conclusions regarding my personal views and beliefs."
In the early 2010s, Jones colluded with the local Chamber of Commerce, whose building he owns, to convince the city of Cleveland and Bradley County to jointly purchase one of his properties for an industrial park
An industrial park (also known as industrial estate, trading estate) is an area zoned and planned for the purpose of industrial development. An industrial park can be thought of as a more "heavyweight" version of a business park or office park, ...
. Jones had struggled to sell this property for many years, and reportedly suggested this tract to the Chamber of Commerce when he learned they were interested in a new publicly owned industrial park. The property was then jointly purchased for $6 million and developed into the Spring Branch Industrial Park over the next several years by the city, county, and Cleveland Utilities, a local public utility
A public utility company (usually just utility) is an organization that maintains the infrastructure for a public service (often also providing a service using that infrastructure). Public utilities are subject to forms of public control and r ...
who was brought onto the purchase due to the city's poor bond rating
In investment, the bond credit rating represents the credit worthiness of corporate or government bonds. It is not the same as an individual's credit score. The ratings are published by credit rating agencies and used by investment professiona ...
s.[ This project was widely criticized as a ]boondoggle
A boondoggle is a project that is considered a waste of both time and money, yet is often continued due to extraneous policy or political motivations.
Etymology
"Boondoggle" was the name of the newspaper of the Roosevelt Troop of the Boy Sco ...
and bad investment, as well as corporate welfare
Corporate welfare is a phrase used to describe a government's bestowal of money grants, tax breaks, or other special favorable treatment for corporations.
The definition of corporate welfare is sometimes restricted to direct government subsidie ...
, and reportedly cost the local taxpayers tens of millions of dollars.[
]
Legal issues
Jones was indicted on federal charges of wiretapping
Telephone tapping (also wire tapping or wiretapping in American English) is the monitoring of telephone and Internet-based conversations by a third party, often by covert means. The wire tap received its name because, historically, the monitorin ...
in 1975 after he placed a recording device on the telephone at his home located at 320 Bowman Avenue NW in October 1974. Jones put the device on the phone in order to determine if his first wife was having an extramarital affair, which she reportedly was. The wife was granted a restraining order
A restraining order or protective order, is an order used by a court to protect a person in a situation involving alleged domestic violence, child abuse, assault, harassment, stalking, or sexual assault.
Restraining and personal protection or ...
against Jones but it was dissolved immediately by the judge quickly after it had been issued. Jones reportedly used information from the recordings to obtain a divorce. His indictment was dismissed by the local district court before Jones could go to trial, and this dismissal was subsequently upheld by the U.S. Court of Appeals for the Sixth Circuit
The United States Court of Appeals for the Sixth Circuit (in case citations, 6th Cir.) is a federal court with appellate jurisdiction over the district courts in the following districts:
* Eastern District of Kentucky
* Western District of ...
in 1976 primarily because the phone that had been wiretapped belonged to Jones and was in his name. The court affirmed that wiretapping, or adding an extension to a phone line, is not a crime if the act is performed by the owner of the phone. The court noted that the government had neglected to tell this information to the grand jury. The government subsequently appealed the decision, and the Sixth Circuit upheld the acquittal.
The legality of Jones' payday loan model was challenged shortly after Check into Cash was founded. Initially Jones and other payday lenders claimed that the fee charged did not constitute interest, and therefore did not violate laws capping a maximum interest on loans, which runs contrary to multiple federal laws.[ In 1997 Check Into Cash was sued in a ]class-action lawsuit
A class action, also known as a class-action lawsuit, class suit, or representative action, is a type of lawsuit where one of the parties is a group of people who are represented collectively by a member or members of that group. The class action ...
by two Cleveland attorneys, representing multiple customers, alleging violation of the Truth in Lending Act
The Truth in Lending Act (TILA) of 1968 is a United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing ...
and Fair Debt Collection Act
The Fair Debt Collection Practices Act (FDCPA), Pub. L. 95-109; 91 Stat. 874, codified as –1692p, approved on September 20, 1977 (and as subsequently amended) is a consumer protection amendment, establishing legal protection from abusive debt ...
, as well as other illegal practices. Check Into Cash eventually settled the case by paying $2.2 million to the class and $500,000 in attorneys' fees. Jones then began lobbying the legislatures in multiple states to change laws which place caps on interest, which led to the passage of multiple acts including the Tennessee Deferred Presentment Services Act by the Tennessee General Assembly
The Tennessee General Assembly (TNGA) is the state legislature of the U.S. state of Tennessee. It is a part-time bicameral legislature consisting of a Senate and a House of Representatives. The Speaker of the Senate carries the additional title ...
, which permits payday lending with some restrictions. This act considers the fee to borrow money from a payday lender not to be interest, stating "the fee, when made and collected, shall not be deemed interest for any purpose of law."
Personal life
Jones' residence is called Creekridge and is located on 400 acres north of Cleveland.[ It consists of a more than $5 million house constructed between 2003 and 2009, as well as a football field, horse stables, a greenhouse and a classic car collection.][ It is located near the residence of fellow businessman Forrest Preston. Jones previously lived in the ]Centenary Avenue Historic District
The Centenary Avenue is one of the oldest historic districts in Cleveland, Tennessee. It is bounded by Eighteenth, Harle, Thirteenth and Ocoee Streets, is located adjacent to the Ocoee Street Historic District, and is regarded as one of the wi ...
in downtown Cleveland.
Politically, Jones has been an Independent
Independent or Independents may refer to:
Arts, entertainment, and media Artist groups
* Independents (artist group), a group of modernist painters based in the New Hope, Pennsylvania, area of the United States during the early 1930s
* Independ ...
, and has donated to the campaigns of both Democratic and Republican
Republican can refer to:
Political ideology
* An advocate of a republic, a type of government that is not a monarchy or dictatorship, and is usually associated with the rule of law.
** Republicanism, the ideology in support of republics or agains ...
politicians, but his views are characterized to be right-leaning and fiscally conservative
Conservatism is a cultural, social, and political philosophy that seeks to promote and to preserve traditional institutions, practices, and values. The central tenets of conservatism may vary in relation to the culture and civilization i ...
. Jones supported Donald Trump
Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021.
Trump graduated from the Wharton School of the University of Pe ...
in the 2016 U.S. Presidential Election. A few days after the inauguration of President Trump, Jones stated in an interview with Fox & Friends
''Fox & Friends'' is an American daily morning news and talk program that airs on Fox News. It premiered on February 1, 1998, and is currently hosted by Steve Doocy, Ainsley Earhardt and Brian Kilmeade on weekdays. Will Cain, Rachel Campos-Du ...
that he was "tired of Presidents who were politicians" and believed that small businesses would benefit from Trump's policies.
See also
* Toby McKenzie
Steve Allen "Tobe" McKenzie (June 11, 1953 – May 2, 2013) was an American businessman, entrepreneur, and philanthropist from Cleveland, Tennessee. He began his career by founding two rent-to-own businesses and later made his fortune after fou ...
References
External links
Official website
{{DEFAULTSORT:Jones, Allan
American chief executives of financial services companies
Businesspeople from Tennessee
Philanthropists from Tennessee
People from Cleveland, Tennessee
1952 births
Living people