New county ordinance to limit lenders that are payday
New county ordinance to limit lenders that are payday Payday loan providers and check-cashing outlets behave as a substitute for conventional banking institutions by providing short-term loans and that can charge interest that is effective as much as 460 per cent, county officials stated. Board of Supervisors President George Shirakawa stated they passed the ordinance because such loan providers are “predatory” and target low-income residents. In line with the Center for Responsible Lending, such financing companies are disproportionately situated in…
