How to avoid payday loans in Miami
More than a third of payday loan business owners in Miami, Florida, have reported seeing their business fall from $1.7 million to $1 million, according to a report released Tuesday by the Miami-Dade Community College District.
The report found that, during the first nine months of 2018, more than 6,000 payday loan businesses reported losses totaling more than $5 million.
About 6,700 payday loan customers lost $1,000 or more.
The most common payday loan companies to lose money in 2018 included Home Loans & Loan (home loans), Creditcards USA (credit cards), Capital Bank (credit card) and Credit Union First National (credit union).
More than 6 percent of the payday loan owners lost more than 30 percent of their businesses during the nine-month period.
“The number of payday lenders operating in Miami has decreased substantially over the past two years,” the report said.
“While the majority of these businesses have been impacted by the increased regulatory oversight, many have also faced challenges due to the recent surge in predatory lending practices and the impact of the recent foreclosure crisis.”
The report also found that more than one-third of the businesses reported no activity during the past nine months.
Nearly half of the customers who lost money in the first 9 months of the year had no debt at all.