Without a doubt about Salt Lake toying with restrictions on payday loan providers

Without a doubt about Salt Lake toying with restrictions on payday loan providers

You’ve heard of commercials: if you should be brief on cash, stop by — with a check that is post-dated and now we’ll cash loan in Ohio loan you the thing you need, with interest up to 500 % yearly.

Now, a Salt Lake City Council user really wants to slow the growth of those continuing companies, referred to as payday lenders.

Nancy Saxton is proposing that the council make companies offering payday loans a conditional zoning usage, which may give the council last state before such company could run inside the city. She’d also cap the wide range of loan providers within the city according to population or restrict their proximity to one another.

“Here we’ve people who are possibly the minimum able” to pay for loans that are back high-interest Saxton stated. ” When you are getting hopeless, sometimes reason is out the screen. I believe the expression ‘predatory financing’ is most likely an understatement.”

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