As pay day loans thrive in Mississippi, neighboring states proceed to cap high interest levels

As pay day loans thrive in Mississippi, neighboring states proceed to cap high interest levels

By Anna Wolfe | October 15, 2018

Jennifer Williams nevertheless gets the phone phone calls.

The sound in the other line — in one of the numerous lenders that are payday her community — says they miss her. “Do you may need any money that is extra” the voice asks.

For decades, Williams spent every payday driving to as much as nine shops in three towns that are separate having to pay an $87 cost for every $400 loan she had removed.

Each cost ensured the shop wouldn’t deposit the check she published them, for cash she didn’t have, through to the month that is following an arrangement prohibited by state law.

Thanks to Jennifer Williams

Jennifer Williams, a school that is high in Cleveland, Miss., conquered $4,000 of financial obligation from multiple high-interest payday advances. Williams believes these financing shops are “sucking the life away from individuals.”

“I happened to be taking right out payday advances to cover bills when I had invested most of the cash (in my own paycheck) on pay day loan charges,” said Williams, a school that is high in Cleveland, skip.

Williams finally whittled away the $4,000 financial obligation she accumulated from numerous payday advances after going for a monetary program in 2014 from Arkansas-based Southern Bancorp, which offered a lower-interest loan upon conclusion. Continue reading “As pay day loans thrive in Mississippi, neighboring states proceed to cap high interest levels”