Michigan Members may find this interesting
Date: Fri, 04/04/2008 - 20:09
http://www.rtoonline.com/Content/Article/Apr08/MichiganDeferredPresentmentRoss040408.asp
good post, Roadwarrior! I've posted a few other things I've fou
good post, Roadwarrior! I've posted a few other things I've found lately that indicate that Michigan is FINALLY starting to sit up and take notice of the issues that surround the payday lending industry. They're starting to go after the illegal internet lenders as well.
That is disturbing that they would charge such exorbitant fees a
That is disturbing that they would charge such exorbitant fees as twice the amount of the check. Now if they stepped even further outside the law and tried to present it again as an electronic transaction (e-check) with the return check fees included it would look like this:
1. $75
2. $225
3. $675
4. $2,025
5. $6,075
6. $18,225
7. $54,675
8. $164,025
9. $492,075
10. $1,476,225
That would be in the span of two business weeks.
:shock: :shock: :shock: :shock: :shock:
If that's not predatory lending I don't know WHAT is.
If that's not predatory lending I don't know WHAT is.