Michigan Household payment 5097 would “authorize licensed carriers of deferred existing service purchases to make certain smaller lending products.” In other words, the balance would grow payday financial products for users.

Payday loans, short-term, high-cost lending options, have-been justifiably criticized while the favored application of predatory creditors: a credit solution that typically catches families and individuals in an expensive and probably disastrous routine of debt. Continue reading →