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Report reveals payday loans are draining millions from Michiganders

Thursday, September 13, 2018
Mary Kuhlman | Detroit Metro Times

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. 

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.