Dave Adams could be the CEO for the Lansing-based Michigan Credit Union League and Livonia-based CU Solutions Group
In Michigan, near to 600 payday lending storefronts each issue about 3,000 loans each year, creating $935 million in annual income statewide.
That cash comes at a high expense to customers such as for example Kathy from Lansing. Health bills and a disabled partner left her needing cash that is extra. She went along to the only real spot she thought would provide her that loan — a payday lender. It absolutely was a choice she would be sorry for for a long time in the future.
The payday lender offered Kathy that loan with charges that equated to an interest that is annual greater than 300 per cent. When her loan re payment ended up being due, she could not spend it. Therefore, Kathy took down another loan, searching by by by herself deeper with debt. Read more