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Moorhead City Council considers pay day loan restrictions

Moorhead City Council considers pay day loan restrictions

MOORHEAD — The two loan that is payday short-term customer loan providers in Moorhead could be facing added limitations as time goes by.

Moorhead City Council user Heidi Durand, whom labored on the matter for a long time, is leading the time and effort because the council considers adopting a brand new town legislation 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 remarks on available choices for people in a economic crisis or those who work in need of such loans.

Council member Chuck Hendrickson stated he believes options should be supplied if such loans are no longer available. He urged speaks with finance institutions about methods individuals with no credit or credit that is poor secure funds.

Durand said this type of town legislation is the beginning of assisting those in monetary straits, and nonprofits, churches or Moorhead Public Service could offer options to also assist residents settle payments.

Exodus Lending, a St. Paul-based nonprofit that can help Minnesotans pay back loans that are payday only costs them the income they first asked for, possesses 99% payment loan, she stated.

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

In written and general general public remarks supplied to your City Council throughout the hearing that is public Chris Laid along with his sibling, Nick, of Greenbacks Inc. had been truly the only residents to talk in opposition.