Petty Debt: A Comprehensive Examination of Michigan’s Deferred Presentment Industry and Its Growth between 2000-2018
The payday lending industry in Michigan grew rapidly in the first decade of the 2000s, providing high-cost loans to borrowers with a damaged credit history and few other financial options. The typical clientele of payday lenders represents a specific socioeconomic demographic, wherein they are most often the ‘working poor’. Certain demographic variables may influence the likelihood that a person w