Moorhead City Council considers cash advance restrictions

Moorhead City Council considers cash advance restrictions

MOORHEAD — The two cash advance or short-term customer loan providers in Moorhead could be facing added limitations later on.

Moorhead City Council user Heidi Durand, whom labored on the problem for many years, is leading the time and effort once the council considers adopting a brand new town legislation capping interest levels at 33% and restricting how many loans to two each year.

In a public hearing on Monday, Sept. 14, council people expressed help and offered feedback on available alternatives for all in an economic crisis or those in need of assistance of such loans.

Council user Chuck Hendrickson stated he believes options must be supplied if such loans are no longer available. He urged speaks with finance institutions about methods individuals with no credit or credit that is poor secure funds.

Durand stated this kind of town legislation will be the start of assisting those in monetary straits, and nonprofits, churches or Moorhead Public provider could offer options to also assist residents settle payments.

Exodus Lending, a St. Paul-based nonprofit that can help Minnesotans pay back payday advances and only costs them the funds they first asked for, features a 99% payment loan, she stated.

Council people Sara Watson Curry and Shelly Dahlquist thought education about choices would be helpful, too.

In written and general general general public reviews supplied towards the City Council throughout the hearing that is public Chris Laid and their sibling, Nick, of Greenbacks Inc. Continue reading “Moorhead City Council considers cash advance restrictions”