Friday, September 8, 2006

Facts About Mississippi Payday Loans and Details on Requested Cash Loan Reporting

By J.J. Cameron
Payday Loan Writer

We have more on Mississippi payday loans and a certain consumer group's plan to monitor their use.

Let's start with facts from this state regarding regular and faxless payday loan popularity: 

  • Per capita, Mississippi ranks third in the nation in the number of check cashing/cash advance outlets.
  • Around 7.6 million borrowers a year take out up to 83 million instant cash loans, which generates an estimated $2 billion in annual revenue for lenders in the state.

As you can see, the abundance of cash advances across the state is quite high. The Mississippi Center for Justice wants to do something about these facts, at least hoping to require stores to post certain information for clients to see.

Here's a glance at what the group plans to bring up to the state legislature in January:

  • What percentage of borrowers take more than five no fax payday loans per year and what percentage of the total payday loan volume they account for?
  • Is there a subset of borrowers who take up a disproportionate percentage of payday loans?
  • What percentage of all payday loans are refinancing of previous pay day loan debt?
  • On any date, what percentage of payday borrowers were indebted every single day of the preceding six months?
  • Which lenders had above average rates of repeat borrowers indebtedness?

The idea, at the very least, is to give the public a clear idea about online payday advance use in the state. From there, they can form their own views.

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