Without a doubt about Payday loan providers hungry to get more

Without a doubt about Payday loan providers hungry to get more

Michigan League for Public Policy

Final October, we penned a line into the Alpena Information on payday financing, the danger it poses to residents that are local together with legislative efforts underway in Lansing to guard borrowers.

We noted that rural areas, in specific, are at risk of lending that is payday and therefore Alpena County has one of several greater prices of payday loan providers within the state, with 14 shops per 100,000 individuals, making the high-interest, high-risk loans a lot more available right right here than generally in most counties. We additionally remarked that a study because of the middle for Responsible Lending unearthed that, from 2012 to 2016, payday loan providers took significantly more than $513 million in charges from customers in Michigan, with costs and interest that will achieve over 340% apr (APR). Continue reading “Without a doubt about Payday loan providers hungry to get more”