03 Jul Mississippi social fairness enterprise matches pay day ‘predatory lending’ in lowest-income teams
Payday lenders keeps thrived inside the Mississippi, in which discover five times a lot more retailers than just McDonald's places. Today a little-urban area gran in the Delta are assaulting against market he calls predatory.
- A current instructional studies discover pay-day lending targets Black and you will Latino communities.
- Mississippi citizens taking financial literacy movement can acquire lower-appeal financing.
- Pay day loan globe states it’s giving an assistance to the people which lack traditional banking companies.
- Pay check loan providers have thrived inside Mississippi, but experts is fighting the fresh new high-interest loans.
Johnny Magee told you he or she is invested the 67 numerous years of their lives throughout the the southern area of Mississippi city of Laurel, although not just after is also the 3-term gran remember their father getting that loan during the a lender.
Instead, the guy told you the fresh senior Magee depended through to pay day lenders, common across the Mississippi plus Laurel, noted for their oak woods as well as the filming precise location of the HGTV series "Hometown."