The US payday advances crisis: borrow $100 which will make ends satisfy, owe 36 times that amount

The US payday advances crisis: borrow $100 which will make ends satisfy, owe 36 times that amount

In Missouri, you will find 958 more payday loan providers than you can find McDonald’s restaurants as pay day loans are becoming area of the landscape that is economic

the low the local earnings, the more payday loan facilities there are. Photograph: Alamy

The lower the local earnings, the more payday loan centers you will discover. Photograph: Alamy

Final modified on Sat 9 May 2015 20.23 BST

I will be driving down Route 180 in St Louis, Missouri, past empty plazas and vacant stores, down a stretch of road that terminates in a abandoned shopping center. Yet with this road are claims of wide range: “Loans as much as $10,000”, states one indication. “Advances as much as $500” claims another. Contrary to the faded merchants surrounding them, these brand new storefronts are cheerful, embellished with images of flowers or gold or the flag that is american.

Here is the alternate economy of payday advances, which includes sprung up where in fact the economy that is old died. Continue reading “The US payday advances crisis: borrow $100 which will make ends satisfy, owe 36 times that amount”