20 nov Councilman Chadis seeking to manage payday loan providers

Councilman Chadis seeking to manage payday loan providers

Councilman Juan Chadis thinks lenders that are short-term preying on Lubbock's many vulnerable residents, so he's gearing up to introduce an ordinance directed at managing the industry in Lubbock.

Chadis is hoping Lubbock joins the almost 40 towns throughout the declare that curently have a ordinance that is standardized reduce steadily the "abusive and predatory financing techniques" of short-term loan providers referred to as payday or automobile name loan providers. These loan providers typically provide tiny loans at greater interest levels due for payment either regarding the debtor's next payday or through repayable installments over a length of the time.

The ordinance is modeled after having a variation crafted because of the Texas Municipal League and includes restrictions that restrict the quantity of payday and automobile name loans, and exactly how frequently they may be refinanced.

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