Category Archives: what is payday loan

City Council aims to tighten up rules on cash advance companies

Olivia DeSmit

The sign that is open the leading door of look at money, a quick payday loan business, is illuminated along Providence path on April 29 in Columbia.

COLUMBIA — The city’s appropriate group shall draft a bill calling for thicker regulations on pay day loan companies.

Pay day loan organizations offer tiny loans, frequently not as much as $1,000, that borrowers frequently vow to cover along with their next paychecks. The loans are really easy to make an application for because they need no credit score and often only demand a type of ID, a bank account and proof income. Payday advances are predominantly applied for by low-income residents.

“They fill a need that’s not currently met,” Mayor Brian Treece stated, noting that the loans may be essential for residents residing paycheck to paycheck to simply help cover unanticipated expenses such as for example vehicle repairs or an ac unit venturing out.

Nevertheless, Treece along with his other council users believe more laws certainly are a idea that is good.

Kacy Hall, a town administration fellow, offered information throughout the City Council work session Monday night on short-term loan providers and what St. Continue reading