Without a doubt about Lawmaker Wants Stiffer Rules For pay day loans
The loan that is payday contributed thousands of bucks to Tennessee lawmakers prior to the legislature passed flex loans.
Yet not the money was taken by every lawmaker.
“me it’s nothing more than legalized loan sharking,” said Representative Darren Jernigan (D) Nashville if you ask.
Jernigan really offered back the $1000 share he received from payday loan providers. He arrived into workplace planning to manage the industry.
“Tell me personally why you want three in one single strip shopping mall?” Jernigan asked while he drove down Lebanon path in the region.
He counted thirteen cash advance companies on a quick part of lebanon path in Donelson.
In Tennessee there are many than 1400 licensed pay check lenders.
That is significantly more than the true quantity of McDonalds, Wendy’s and Waffle Houses combined.
“I’m extremely frustrated as it really drags down the community,” Jernigan stated.
In Davidson County loan that is payday are very focused in some areas.
You can find 14 in western Nashville over the Charlotte Pike corridor.
Drive through the Nolensville path area in south Nashville and also you will see 18.
However the greatest concentration is along Gallatin path with 23 areas from East Nashville to Madison.
State representative Cameron Sexton, (R) Crossville, sponsored the balance producing flex loans and said payday lenders offer a site to those who can not get bank that is traditional.