The 901: Partnering with predatory loan providers is incorrect and MLGW should stop carrying it out

The 901: Partnering with predatory loan providers is incorrect and MLGW should stop carrying it out

The 901 is the blend of Memphis news and commentary morning

Good early early early morning from Memphis, where very early voting for the presidential and General Sessions Court clerk primaries starts now. We are chatting this about St. Jude’s updated expansion plan and the Beale Street Music Festival lineup morning. But first .

ACE money Express into the Parkway Village shopping mall Monday, Feb. 3, 2020, in Memphis.

Every single day in Memphis, individuals requiring fast money to pay bills sufficient reason for few other choices sign up for high-interest loans via payday loan providers. When they can not repay, their loans renew, trapping them in just what may be a cycle that is vicious of.

And each time, Memphis Light, petrol and liquid Division allows that vicious period.

Which is because MLGW lovers with ACE money Express, a lender that is payday has run afoul of federal laws against misleading financing, as reported by our Sam Hardiman in subscribers-only story today. (if you do not currently have a membership, The CA possesses purchase taking place now.) Presently, individuals will pay MLGW bills at 30 regional ACE shops, because of an understanding MLGW has with third-party administrator FirsTech.

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