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Moorhead councilwoman leads cost to end ‘vicious period’ of pay day loans

Moorhead councilwoman leads cost to end ‘vicious period’ of pay day loans

MOORHEAD — Moorhead City Councilwoman Heidi Durand is saying 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 aid state legislation that will seriously 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 out fully vast amounts of these loans in Clay County, including as much as thousands of dollars in interest re re re payments and charges taken out of the regional economy.

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

Present state legislation enables a two-week loan of $380, for instance, to cost up to $40, a 275% interest. (more…)