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As pay day loans thrive in Mississippi, neighboring states proceed to cap high rates of interest

As pay day loans thrive in Mississippi, neighboring states proceed to cap high rates of interest

By Anna Wolfe | October 15, 2018

Jennifer Williams still gets the telephone calls.

The sound regarding the other line — in one of the numerous payday loan providers in her community — says they miss her. “Do you may need any more money? ” the voice asks.

For decades, Williams invested every payday driving to as much as nine shops in three split towns, having to pay an $87 charge for every $400 loan she had removed.

Each charge ensured the shop wouldn’t deposit the check she had written them, for the money she didn’t have, before the following month — an arrangement forbidden by state legislation.

Due to Jennifer Williams

Jennifer Williams, a senior high school instructor in Cleveland, Miss., conquered $4,000 of financial obligation from multiple high-interest payday advances. Williams thinks these financing shops are “sucking the life away from individuals. ”

“I happened to be taking out fully pay day loans to cover bills when I had invested most of the cash (during my paycheck) on pay day loan costs, ” said Williams, a school that is high in Cleveland, skip.

Williams finally whittled away the $4,000 financial obligation she accumulated from multiple pay day loans after having a course that is financial 2014 from Arkansas-based Southern Bancorp, which offered a lower-interest loan upon completion. Read more