Local lawmaker’s add-in will help payday loan providers skirt city licensing costs, advocates state

Local lawmaker’s add-in will help payday loan providers skirt city licensing costs, advocates state

A bunch from Faith Voices of Southwest Missouri additionally the the indegent’s payday loans Alabama Campaign protest pay day loans outside Historic City Hall before a city council meeting on Monday, April 22, 2019. (Picture: Nathan Papes/News-Leader)

The Springfield City Council voted Monday to impose new regulations on payday lenders whose high interest rates can create a “debt trap” for desperate borrowers after years of debate.

Among the list of features had been an agenda to impose $5,000 yearly licensing fees susceptible to voter approval in August, that will get toward enforcing the town’s guidelines, assisting individuals with debt and supplying options to short-term loans.Continue reading