The loan that is payday contributed thousands of dollars to Tennessee lawmakers ahead of the legislature passed flex loans.
Although not every lawmaker took the funds.
«If you may well ask me personally it is nothing but legalized loan sharking,» stated Representative Darren Jernigan (D) Nashville.
Jernigan really provided back the $1000 share he received from payday loan providers. He arrived into workplace planning to control the industry.
«Tell me why you want three in one single strip shopping mall?» Jernigan asked while he drove down Lebanon path in the region.
He counted thirteen cash advance companies on a quick element of lebanon Road in Donelson.
In Tennessee there are many than 1400 licensed pay check loan providers.
That is significantly more than the amount of McDonalds, Wendy’s and Waffle Houses combined.
«I’m very frustrated given that it really drags down the community,» Jernigan stated.
In Davidson County pay day loan company are very focused in some areas.
You can find 14 in western Nashville over the Charlotte Pike corridor.