06 jan Moorhead City Council considers loan that is payday

Moorhead City Council considers loan that is payday

MOORHEAD — The two pay day loan or 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 problem for a long time, is leading your time and effort since the council considers adopting a brand new town legislation capping rates of interest at 33% and restricting the amount of loans to two each year.

In a general public hearing on Monday, Sept. 14, council members indicated help and offered feedback on available alternatives for many in a economic crisis or those who work in need of these loans.

Council user Chuck Hendrickson stated he believes options must be supplied if such loans are no longer available. He urged speaks with banking institutions about means individuals with no credit or woeful credit could secure funds.

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