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Moorhead City Council considers pay day loan restrictions

Moorhead City Council considers pay day loan restrictions

MOORHEAD — The two pay day loan or short-term customer loan providers in Moorhead might be facing added limitations later on.

Moorhead City Council user Heidi Durand, whom labored on the matter for many years, is leading your time and effort because the council considers adopting a city that is new capping interest levels at 33% and restricting the sheer number of loans to two each year.

In a hearing that is public Monday, Sept. 14, council people indicated help and offered reviews on available choices for those of you 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 banking institutions about means people that have no credit or woeful credit could secure funds.

Durand stated this kind of town legislation is the start of assisting those in monetary straits, and nonprofits, churches or Moorhead Public provider could offer options to also assist residents settle payments.

Exodus Lending, a St. Paul-based nonprofit that can help Minnesotans pay back pay day loans and only costs them the cash they first asked for, features a 99% payment loan, she said.

Council users Sara Watson Curry and Shelly Dahlquist thought training about choices would be helpful, too.

In written and public responses supplied to your City Council through the general public hearing, Chris Laid along with his cousin, Nick, of Greenbacks Inc. had been truly the only residents to talk in opposition.

Chris Laid penned that the legislation modification «would effortlessly ensure it is impractical to maintain an effective consumer that is short-term company in Moorhead, get rid of the main revenue stream for myself and my loved ones and a lot of most likely boost the cost and difficulty for borrowers in the neighborhood.,»