Credit options like New Roots can not come quickly enough for places like Jackson. The republican-controlled Mississippi state legislature has defeated a number of reform efforts designed to rein in the payday lending industry, most notably a far-reaching package of reform bills in 2011 that would have effectively banned payday lending in the state by capping allowable interest rates and fees over the past five years. Payday loans are prohibited in 14 states together with District of Columbia. However in Mississippi, like in the remainder country, the lending that is payday has spent huge amount of money lobbying to safeguard its interests.
Chief among these are the interest that is startlingly high and countless charges that will make payday financing much more profitable than old-fashioned customer banking.