Moorhead councilwoman leads fee to cease ‘vicious period’ of pay day loans

MOORHEAD — Moorhead City Councilwoman Heidi Durand says it is time to stop payday advances that typically charge triple-digit rates of interest.

She asked the town’s Human Rights Commission Wednesday, Feb. 19, to guide state legislation that will severely reduce rates of interest or to back a city that is possible to restrict prices.

Durand stated the “working poor or even the many financially strapped or susceptible” are taking right out huge amount of money of these loans in Clay County, including as much as thousands and thousands of bucks in interest re re payments and charges taken off the economy that is local.

Numerous borrowers, she stated, can not get financing from another standard bank. Per capita, the county ranks second one of the 24 in Minnesota that have a minumum of one cash advance lender.

Ongoing state legislation permits a two-week loan of $380, as an example, to cost up to $40, a 275% rate of interest. Continue reading “Moorhead councilwoman leads fee to cease ‘vicious period’ of pay day loans”