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12, 2018 at 1:07 PM september

  • Tony Webster/Flickr
  • Many payday loan borrowers in Michigan re-borrow within 60 times.

Customer advocates state strong reforms are needed to raised regulate the payday financing industry in Michigan, and additionally they may just have the info to show it.

A brand new report from the middle for Responsible Lending unearthed that in past times 5 years, payday lenders have taken over fifty percent a billion bucks in costs from customers in Michigan, including $94 million in 2016.