Dave Adams may be the CEO associated with Lansing-based Michigan Credit Union League and Livonia-based CU Solutions Group
Could you name the industry that boasts more storefronts nationwide than McDonald’s and Starbucks? The clear answer may shock you — oahu is the payday financing industry.
In Michigan, near to 600 payday financing storefronts each problem about 3,000 loans each year, creating $935 million in annual income statewide.
That money comes at a top expense to customers such as for example Kathy from Lansing. Healthcare bills and a disabled partner left her needing cash that is extra. She visited the only real destination she thought would provide her that loan — a payday lender. It absolutely was a determination she’d be sorry for for decades in the future.
The payday loan provider offered Kathy that loan with charges that equated to a yearly rate of interest of greater than 300 %. When her loan re re payment ended up being due, she could not spend it. Therefore, Kathy took down another loan, searching by by herself deeper with debt. Continue reading →