Dave Adams may be the CEO associated with Lansing-based Michigan Credit Union League and Livonia-based CU Solutions Group
Is it possible to name the industry that boasts more storefronts nationwide than McDonald's and Starbucks? The solution may shock you -- it 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 cash comes at a cost that is high customers such as for example Kathy from Lansing. Healthcare bills and a disabled partner left her needing supplemental income. She went along to the sole spot she thought will give her that loan -- a payday lender. It had been a choice she'd be sorry for for many years in the future.
The payday loan provider offered Kathy that loan with charges that equated to an interest that is annual in excess of 300 %.