JACKSON, Skip. — To drive straight straight down Ellis Avenue, simply off the interstate, would be to check out a haven of effortless cash. The payday lenders are packed in tight along a four-block drag of fast food joints and half-empty strip malls. The names on the fluorescent indications melt into the other person: Paycheck Loans, Advance America advance loan, Speedee money, Payroll Advance, money Flash, money Depot, money Connection, E-Z Check.
Mississippi, the state that is poorest when you look at the country, has more payday loan providers per capita than somewhere else in the usa, and individuals there have actually less usage of conventional banking institutions compared to any kind of state. But a revolutionary partnership between the Mississippi Center for Justice, banking institutions and companies is helping provide the state’s residents use of accountable small-dollar loans, along with free economic training and an alternative way to begin building cost savings and credit.