Moorhead officials explore alternatives to payday lending

Moorhead officials explore alternatives to payday lending

MOORHEAD-City and state officials collected right here Monday, June 4, to go over techniques to assist Moorhead residents avoid what one nonprofit company calls the “debt trap” of pay day loans.

Exodus Lending, which helped arrange Monday’s conference, claims numerous residents in the area whom sign up for pay day loans face fees and rates of interest upward of 200 % once they become stuck in a cycle of financial obligation marked by constant renewal of loans as well as the investing of great interest and charges for a basis that is ongoing.

In line with the company, in 2016 at the very least 1,156 borrowers in Clay County paid about $303,000 in interest to payday loan providers, cash Exodus Lending stated could go to food, kids’ medicines and university cost cost savings reports. Continue reading