Into the Paleozoic age, Tennessee ended up being covered by a hot, superficial ocean, filled up with sharks. The waters receded scores of years back, but sharks still linger within our state, willing to sink their teeth into the wallet.
These modern-day apex predators are known as вЂњpayday loan providers,вЂќ simply because they make their money lending вЂ“ legally вЂ“ to working families whom live paycheck to paycheck, whom often require just a little extra to get at the month, or make a motor vehicle re payment. вЂњDonвЂ™t worry,вЂќ they state with toothy smiles. вЂњWeвЂ™re here for you, 24/7.вЂќ
As well as, they truly are: they make it as simple as possible to simply just take a loan out. The hard component? Paying it right right back. Because when you remove a quick payday loan, it grows and grows.
Payday loan providers lawfully charge interest levels as much as 400 per cent, trapping borrowers in a debt trap that seemingly has no end. Nationwide, they charge consumers almost $8 billion – BILLION вЂ“ in charges each year. In Tennessee, they escape with over $400 million in additional charges, which ranks our state 7th when you look at the country for cost drain. Loan providers in Texas alone overcharge borrowers by online payday AZ $1.6 billion.
But IвЂ™m the type that is skeptical. Sharks in Tennessee, I stated? It canвЂ™t be, in this time. And so I hopped in my own car and headed down Gallatin path to see for myself.
The Sharks of Gallatin Path
Gallatin Road may be the principal Street of East Nashville, which links Briley Parkway when you look at the north using the main company region.