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 lawmakerвЂ™s help payday loan providers skirt town certification costs, advocates state”