Here’s an example: Testing an alternative that is affordable payday advances in Mississippi. Southern Bancorp’s Mississippi marketplace is house to significantly more than 1,100 lenders that are payday out of storefronts in troubled communities.

Here’s an example: Testing an alternative that is affordable payday advances in Mississippi. Southern Bancorp’s Mississippi marketplace is house to significantly more than 1,100 lenders that are payday out of storefronts in troubled communities.

The big idea: Southern Bancorp, a residential district development standard bank located in Arkadelphia, Ark., acts troubled rural markets that see growing interest in little, unsecured lines of credit rating. Those areas attract payday loan providers, whoever loans that are same-day triple-digit rates of interest and will trap vulnerable borrowers in a period of financial obligation. Southern is testing consumer that is affordable items and approaches to teach low- and moderate-income people about handling financial obligation and protecting their funds. (more…)

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