Local add-in that is lawmaker’s help payday loan providers skirt town certification costs, advocates state

Local add-in that is lawmaker’s help payday loan providers skirt town certification costs, advocates state

Friends from Faith Voices of Southwest Missouri therefore the the indegent’s Campaign protest pay day loans outside Historic City Hall before a town council conference on Monday. (Picture: Nathan Papes/News-Leader)

After many years of debate, the Springfield City Council voted Monday to impose brand new laws on payday loan providers whose high rates of interest can cause a “debt trap” for hopeless borrowers.

Among the list of features ended up being a strategy to impose $5,000 yearly licensing charges susceptible to voter approval in August, that could get toward enforcing the town’s guidelines, helping individuals in financial obligation and supplying options to short-term loans. Continue reading “Local add-in that is lawmaker’s help payday loan providers skirt town certification costs, advocates state”