Moorhead officials explore alternatives to payday lending
MOORHEAD-City and state officials gathered right right here Monday, June 4, to go over approaches to assist Moorhead residents avoid what one nonprofit company calls the “debt trap” of payday advances.
Exodus Lending, which helped arrange Monday’s meeting, states numerous residents in the area whom remove pay day loans face fees and rates of interest upward of 200 per cent once they become stuck in a period of financial obligation marked by constant renewal of loans plus the investing of great interest and charges for a continuing foundation.
In line with 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 said could head to food, kid’s medications and university cost cost savings records.
Located in the Twin Cities, Exodus Lending provides assist to borrowers by refinancing current payday advances while recharging no interest with no charges, stated Sara Nelson-Pallmeyer, executive director of this nonprofit.
Nelson-Pallmeyer among others attending Monday’s workshop stated individuals frequently turn to payday advances when confronted with a sudden financial meltdown without weighing the best expenses included. Continue reading “Moorhead officials explore alternatives to payday lending”
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