Payday loan providers, and a future without them

Payday loan providers, and a future without them

Dave Adams may be the CEO associated with the Lansing-based Michigan Credit Union League and Livonia-based CU Solutions Group

In Michigan, near to 600 payday financing storefronts each problem about 3,000 loans each year, creating $935 million in annual income statewide.

That cash comes at a high expense to consumers such as for instance Kathy from Lansing. Healthcare bills and a disabled partner left her needing cash that is extra. She decided to go to the sole spot she thought will give her financing — a payday lender. It had been a https://guaranteedinstallmentloans.com/payday-loans-ak/ choice she’d be sorry for for years in the future.

The payday loan provider offered Kathy that loan with fees that equated to an interest that is annual of a lot more than 300 %. When her loan payment had been due, she could not spend it. Continue reading “Payday loan providers, and a future without them”