Spend any moment driving around Nashville, and you will notice lending that is payday sprouting like weeds over the town’s major pikes. Over the country, the guts for Responsible Lending states, you will find two payday financing storefronts for almost any Starbucks.

Nevertheless the soil is particularly fertile right here. While a number of states have actually prohibited payday lending — that has received a track record of exploiting poor people with sky-high interest loans — The Tennessean reported in April 2013 that Tennessee has welcomed it with lax legislation. A 2006 research from Ca State University Northridge revealed almost five times more payday lenders in Tennessee than McDonald’s places. Continue reading →