Down load Issue Brief when it comes to RAISE Florida system: The Payday Lending business in Florida.
Issue Brief when it comes to RAISE Florida system: The Payday Lending business in Florida Compiled by: analysis Institute on Social and Economic Policy (RISEP), Center for Labor Research and Studies (CLRS), Florida Overseas University, March 10, 2014
Overview FloridaвЂ™s payday lending industry is a $2.85 billion company that traps borrowers in a period of financial obligation while additionally stripping significantly more than $244 million of FloridaвЂ™s wealth (Veritec possibilities 2012). This report analyzes the commercial outcomes of FloridaвЂ™s lending that is payday on its clients, our communities, and our state. Payday financing industry and its particular results on Florida: with increased than 1,600 shops, the payday financing industry has exploded into $2.85 billion industry within the almost all Florida. In reality, across Florida there have been 7.2 million loans given in 2012 by payday lending companies distributed throughout North, Central, and Southern Florida (see dining dining dining table 1). The majority of loans that are payday in Florida happened in eight associated with the biggest areas when you look at the state.