Moorhead City Council considers cash advance restrictions
The two pay day loan or short-term customer lenders in Moorhead can be facing added limitations later on.
Moorhead City Council member Heidi Durand, whom done the problem for many years, is leading the time and effort once the council considers adopting a brand new city legislation capping rates of interest at 33% and restricting how many loans to two per year.
In a general public hearing on Monday, Sept. 14, council users indicated help and offered reviews on available choices for anyone in an economic crisis or those in need of these loans.
Council user Chuck Hendrickson stated he believes options should be supplied if such loans are no longer available. He urged speaks with finance institutions about methods individuals with no credit or credit that is poor secure funds.
Durand stated this type of town legislation will be the start of assisting those in economic straits, and nonprofits, churches or Moorhead Public provider could offer options to also assist residents settle payments.