Michigan House Bill 5097 would “authorize certified providers of deferred present solution deals to make sure tiny loans.”
Pay day loans, short-term, high-cost financial loans, were justifiably criticized given that preferred device of predatory loan providers: a financing choice that usually traps families and people in a costly and possibly catastrophic period of financial obligation.
Michigan home Bill 5097 is a windfall for predatory lenders and a nightmare that is potential susceptible borrowers, writes Snodgrass. (Picture: Mark Ralston / Getty Pictures)