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Councilman Chadis seeking to manage lenders that are payday November 21, 2020

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Councilman Chadis seeking to manage lenders that are payday

Councilman Juan Chadis thinks lenders that are short-term preying on Lubbock’s many vulnerable residents, so he’s gearing up to introduce an ordinance directed at managing the industry in Lubbock.

Chadis payday loans in Oklahoma is hoping Lubbock joins the almost 40 towns and cities over the declare that curently have a ordinance that is standardized reduce steadily the “abusive and predatory financing techniques” of short-term loan providers referred to as payday or car name lenders. These loan providers typically provide little loans at greater rates of interest due for payment either regarding the debtor’s next payday or through repayable installments over a length of time.

The ordinance is modeled following a variation crafted by the Texas Municipal League and includes restrictions that restrict the quantity of car and payday name loans, and exactly how frequently they may be refinanced. (more…)

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