Moorhead councilwoman takes charge to avoid ‘vicious pattern’ of payday loans

Moorhead councilwoman takes charge to avoid ‘vicious pattern’ of payday loans

MOORHEAD — Moorhead town Councilwoman Heidi Durand says you have to stop cash loans that generally demand triple-digit finance interest rates.

She need this town’s person liberties profit Wednesday, Feb. 19, to compliment state procedures that could gravely lower interest levels or to return a feasible town plan to limit numbers.

Durand explained the « working inadequate or the a large number of economically strapped or insecure » are taking out fully vast amounts of such financial products in Clay region, adding up to hundreds of thousands of money in interest payments and charge taken out of the area industry.

Several individuals, she stated, cannot obtain a home loan from another standard bank. Per capita, the county ranks 2nd among the 24 in Minnesota which has a minimum of one payday loan lender.Continue reading