MOORHEAD — Moorhead City Councilwoman Heidi Durand says it is time to stop payday advances that typically charge triple-digit rates of interest.

She asked the town’s Human Rights Commission Wednesday, Feb. 19, to aid state legislation that will seriously reduce rates of interest or to back a city that is possible to limit prices.

Durand stated the “working poor or even the many financially strapped or susceptible” are taking out fully huge amount of money of such loans in Clay County, including as much as thousands and thousands of bucks in interest payments and costs taken from the economy that is local.

Numerous borrowers, she stated, can not get that loan from another institution that is financial. Per capita, the county ranks second on the list of 24 in Minnesota which have a minumum of one pay day loan lender.

Present state legislation enables a loan that is two-week of380, as an example, to cost just as much as $40, a 275% rate of interest. But, Durand said some find yourself much greater, noting that the 3 payday loan lenders that are largest in Minnesota, which account fully for 75% of such loans, operate under a commercial and thrift loophole to prevent that limit. Lenders, she said, “have little or, i ought to absolutely

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