Dave Adams will be the CEO regarding the Lansing-based Michigan Credit Union League and Livonia-based CU Solutions Group
Can you name the industry that boasts more storefronts nationwide than McDonaldвЂ™s and Starbucks? The clear solution may shock you вЂ” this is the financing industry this is certainly payday.
Each problem about 3,000 loans each year, producing $935 million in annual income statewide in Michigan, near to 600 payday financing storefronts.
That money comes at a high price that is high clients such as for example Kathy from Lansing. Wellness bills and a disabled partner left her needing cash this is certainly additional. She went along towards the single location she thought can give her that loan вЂ” a lender that is payday. It was a option sheвЂ™d be sorry for for quite some time as time goes by.
The payday loan provider offered Kathy that loan with expenses that equated to a pastime that is annual more than 300 %.