From a very interesting long-form story in Cincinnati Magazine about payday loan companies....like the 96! ?* in Montgomery:
"Conventional banks share a big part of the blame for the nation’s army of unbanked borrowers by imposing checking account fees and onerous penalties for bounced checks. In 2019, the Federal Deposit Insurance Corporation estimated there were 7.1 million U.S. households without a checking or savings account.
The Davises launched Check ’n Go on the pretext that it would “fill the gap” for people who occasionally needed to borrow money in a hurry—a service for those who couldn’t get a loan any other way. But consumer advocates say the real business model for payday lending isn’t a service at all. The majority of the industry’s revenue comes from repeat business by customers trapped in debt, not from borrowers looking for a quick, one-time fix for their financial troubles."
FULL Story HERE in the Cincinnati Magazine
This list of 96 in Montgomery includes some Bank Branches, to which I am sure Regions, BB&T and others would object.
https://nearmepayday.loan/alabama/montgomery/
No comments:
Post a Comment