After months of wait, aldermen give initial approval to restrictions on payday loan providers

After months of wait, aldermen give initial approval to restrictions on payday loan providers

The St. Louis Board of Aldermen on Friday provided initial approval to legislation that will place new restrictions on payday loan providers within the town.

Local officials cannot regulate things such as the attention that loan providers charge from the short-term loans. Alternatively, the bills from Alderman Cara Spencer, D-20th Ward, require loan providers to obtain a license to work within the town, and set limitations on where brand new people can start. Organizations would also have to offer detailed information regarding the cost that is actual of loan and about options provided by non-profits among others. Continue reading