Dave Adams may be the CEO associated with Lansing-based Michigan Credit Union League and CU Solutions that is livonia-based Group
Could you name the industry that boasts more storefronts nationwide than McDonald’s and Starbucks? The solution may shock you — it is the lending industry that is payday.
Each issue about 3,000 loans per year, generating $935 million in annual revenue statewide in Michigan, close to 600 payday lending storefronts.
That cash comes at a cost that is high customers such as for example Kathy from Lansing. Healthcare bills and a disabled partner left her needing supplemental income. She went along to really the only destination she thought will give her that loan — a payday lender. It had been a determination she would be sorry for for decades in the future.