The two pay day loan or short-term customer loan providers in Moorhead could be facing added limitations as time goes on.
Moorhead City Council user Heidi Durand, whom labored on the problem for a long time, is leading the time and effort due to the fact council considers adopting a brand new town legislation capping interest levels at 33% and restricting the sheer number of loans to two each year.
In a hearing that is public Monday, Sept. 14, council people indicated help and offered feedback on available alternatives for the people in a financial meltdown or those who work in need of assistance of these loans.
Council user Chuck Hendrickson stated he believes options should be supplied if such loans are no longer available. He urged speaks with banking institutions about means people that have no credit or credit that is poor secure funds.
Durand stated this kind of town legislation will be the beginning of assisting those who work in monetary straits, and nonprofits, churches or Moorhead Public provider could offer options to also assist residents settle payments.
Exodus Lending, a St.