Lawmaker Wants Stiffer Rules For Pay Day Loans

Lawmaker Wants Stiffer Rules For Pay Day Loans

The loan that is payday contributed thousands and thousands of bucks to Tennessee lawmakers prior to the legislature passed flex loans.

Not every lawmaker t k the amount of money.

“me it’s nothing more than legalized loan sharking,” said Representative Darren Jernigan (D) Nashville if you ask.

Jernigan really offered back once again the $1000 share he received from payday loan providers. He arrived into workplace attempting to manage the industry.

“Tell me personally why you will need three within one strip shopping center?” Jernigan asked while he drove down Lebanon Road in their region.

He counted thirteen cash advance companies for a section that is short of Road in Donelson.

In Tennessee there are many more than 1400 pay that is licensed loan providers.

That is a lot more than the true amount of McDonalds, Wendy’s and Waffle Houses combined.

“I’m extremely frustrated given that it really drags down the community,” Jernigan said.

In Davidson County cash advance company are very concentrated in some areas.

You can find 14 in West Nashville over the Charlotte Pike corridor.

Drive through the Nolensville path area in south Nashville and you also shall see 18. Continue reading