MOORHEAD — Moorhead City Councilwoman Heidi Durand says it is the right time to stop loans that are payday typically charge triple-digit interest levels.
She asked the city’s Human Rights Commission Wednesday, Feb. 19, to guide state legislation that will seriously reduce interest levels or to back a feasible city plan to restrict rates.
Durand stated the “working poor or perhaps the most financially strapped or susceptible” are taking out fully vast amounts of such loans in Clay County, incorporating as much as thousands and thousands of bucks in interest re re payments and charges taken out of the economy that is local.
Numerous borrowers, she said, can not get financing from another standard bank. Per capita, the county ranks second among the list of 24 in Minnesota which have at least one pay day loan lender.
Ongoing state legislation enables a two-week loan of $380, for instance, to cost up to $40, a 275% rate of interest. Read more
