According to a recent report by the Center for Responsible Lending, in our County, we have 12 payday stores which annually drain over 2M in fees from consumers, the majority of whom have low incomes, are people of color, and reside in 48197/98. The maxim “it costs more to be poor” has never been more evident than in how payday lenders target financially vulnerable people—a map search shows these 12 stores are concentrated on the east side. In Michigan, payday lenders can charge fees reaching over 340% annual percentage rate (APR) on a two-week loan
