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

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

MOORHEAD — Moorhead City Councilwoman Heidi Durand says it is the right time to stop loans that are payday typically charge triple-digit rates of interest.

Durand stated the “working poor or the many financially strapped or susceptible” are taking out fully vast amounts of these loans in Clay County, including as much as thousands of bucks in interest re re payments and costs taken from the economy that is local.

Numerous borrowers, she stated, can not get that loan from another institution that is financial. Per capita, the county ranks second one of the 24 in Minnesota which have a minumum of one cash advance lender.Continue reading