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The Debt Cycle in America’s Payday Loan Capital, Innovative Microcredit Helps Break

The Debt Cycle in America’s Payday Loan Capital, Innovative Microcredit Helps Break

JACKSON, Skip. — to push straight straight down Ellis Avenue, just off the interstate, is always to go to a haven of simple cash. The payday lenders are packed in tight along a four-block drag of fast food joints and half-empty strip malls. The names to their signs that are fluorescent into each other: Paycheck Loans, Advance America advance loan, Speedee money, Payroll Advance, money Flash, money Depot, Cash Connection, E-Z Check.

Mississippi, the poorest state within the country, has more payday loan providers per capita than elsewhere in the usa, and individuals there have actually less usage of conventional banking institutions compared to some other state. But a partnership that is innovative the Mississippi Center for Justice, banking institutions and companies is assisting to give the state’s residents use of accountable small-dollar loans, along with free economic training and an alternative way to begin building cost savings and credit. Read more

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