JACKSON, Miss. — To drive straight straight down Ellis Avenue, simply off the interstate, would be to search well for a utopia of effortless cash. Along a four-block drag of take out joints and half-empty strip malls, the payday lenders are packed in tight. The names to their fluorescent indications melt into each other: Paycheck Loans, Advance America advance loan, Speedee money, Payroll Advance, Cash Flash, money Depot, money Connection, E-Z Check.
Mississippi, the poorest state within the country, has more payday loan providers per capita than any place else in the us, and individuals here have actually less usage of old-fashioned banking institutions compared to virtually any state. But a revolutionary partnership between the Mississippi Center for Justice, banking institutions and companies is assisting to give the state’s residents usage of accountable small-dollar loans, in addition to free monetary education and a brand new method to begin building savings and credit. Continue reading