Searching Payday Sharks in East Nashville.Taking It On The Way

Into the Paleozoic age, Tennessee ended up being covered by a hot, superficial ocean, filled up with sharks. The waters receded scores of years back, but sharks still linger within our state, willing to sink their teeth into the wallet.

These modern-day apex predators are known as “payday loan providers,” simply because they make their money lending – legally – to working families whom live paycheck to paycheck, whom often require just a little extra to get at the month, or make a motor vehicle re payment. “Don’t worry,” they state with toothy smiles. “We’re here for you, 24/7.”

As well as, they truly are: they make it as simple as possible to simply just take a loan out. The hard component? Paying it right right back. Because when you remove a quick payday loan, it grows and grows.

Payday loan providers lawfully charge interest levels as much as 400 per cent, trapping borrowers in a debt trap that seemingly has no end. Nationwide, they charge consumers almost $8 billion – BILLION – in charges each year. In Tennessee, they escape with over $400 million in additional charges, which ranks our state 7th when you look at the country for cost drain. Loan providers in Texas alone overcharge borrowers by $1.6 billion.

But I’m the type that is skeptical. Sharks in Tennessee, I stated? It can’t be, in this time. And so I hopped in my own car and headed down Gallatin path to see for myself. Plus »