MOORHEAD вЂ” Moorhead City Councilwoman Heidi Durand says it is time to stop payday loans that typically charge triple-digit interest levels.
She asked the town’s Human Rights Commission Wednesday, Feb. 19, to aid state legislation that will seriously reduce rates of interest or to back a possible city plan to restrict prices.
Durand stated the “working poor or the many financially strapped or susceptible” are taking right out vast amounts of these loans in Clay County, including up to thousands and thousands of bucks in interest re payments and charges taken from the neighborhood economy.
Many borrowers, she stated, can’t get that loan from another institution that is financial. Per capita, the county ranks second on the list of 24 in Minnesota which have a minumum of one cash advance lender. Continue reading “Moorhead councilwoman leads fee to cease ‘vicious period’ of payday advances”