Consumer advocates say strong reforms are needed to better regulate the payday lending industry in Michigan, and they just might have the data to prove it.
A new report from the Center for Responsible Lending found that in the past five years, payday lenders have taken more than half a billion dollars in fees from consumers in Michigan, including $94 million in 2016. Senior Policy Specialist with the Community Economic Development Association of Michigan Jessica AcMoody said with annual percentage rates in the triple digits, low-income customers often struggle to repay loans on time.
