The pay day loan industry creates $11 billion in income
The cash advance industry creates $11 billion in income. Additionally it is a hated, predatory sector https://paydayloansohio.net/cities/port-clinton/ that makes use of its size to influence legislation to keep it alive and growing. ItвЂ™s a business that everyone hates, but no one features a answer that is clear simple tips to countermand it since it is basically a monopoly. It goes where banking institutions are frightened to tread and preys from the “unbanked”вЂ”nearly one-third of this U.S. population is “unbanked” or “underbanked.” ThatвЂ™s lots of people looking for affordable monetary solutions. A lot of this populace can be the populace that the sector that is nonprofit.
The sector spent more than $15 million to influence the 2013-14 election cycle while nonprofit policy activists have tried to push for legislation to limit what the payday sector can do and how much it can charge to its mostly low-income customers. Continue reading