Council approves lending that is payday; voters to pick charge

Council approves lending that is payday; voters to pick charge

In this 2019 file picture, protesters with Faith Voices plus the the indegent's Campaign rally beyond your historic courthouse in Springfield. On Monday, City Council authorized brand new lending that is payday.

After significantly more than two years of debate and lobbying by advocates whom state pay day loans cause already-poor individuals to be stuck in a "debt trap," Springfield City Council took action Monday evening.

Council voted unanimously to place more demands on payday and automobile name loan providers, including a $5,000 annual certification cost that will require approval from voters in August.Read more