Issue Brief when it comes to RAISE Florida Network: The Payday Lending business in Florida published by: analysis Institute on Social and Economic Policy (RISEP), Center for Labor Research and Studies (CLRS), Florida Overseas University,
Overview Florida’s payday financing industry is a $2.85 billion company that traps borrowers in a period of financial obligation while additionally stripping a lot more than $244 million of Florida’s wide range (Veritec possibilities 2012). This report analyzes the financial results of Florida’s payday financing industry on its customers, our communities, and our state. Payday financing industry and its own impacts on Florida: with over 1,600 shops, the lending that is payday has exploded into $2.85 billion industry within the most of Florida. In reality, across Florida there have been 7.2 million loans released in 2012 by payday lending companies distributed throughout North, Central, and Southern Florida (see dining table 1). Almost all loans that are payday in Florida were held in eight associated with the biggest areas when you look at the state. Nonetheless, populace size will not appear to influence loan activity that is payday.