Moorhead officials explore alternatives to payday lending

Moorhead officials explore alternatives to payday lending

MOORHEAD-City and state officials gathered right here Monday, June 4, to talk about techniques to help Moorhead residents avoid what one organization that is nonprofit the “debt trap” of payday advances.

Exodus Lending, which helped arrange Monday’s conference, claims numerous residents in the area whom sign up for pay day loans face fees and interest levels upward of 200 per cent when they become stuck in a cycle of financial obligation marked by constant renewal of loans therefore the investing of great interest and costs on a basis that is ongoing.

Based on the company, in 2016 at the least 1,156 borrowers in Clay County paid about $303,000 in interest to payday loan providers, cash Exodus Lending stated could head to food, youngsters’ medicines and university cost cost savings records. (more…)

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