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Moorhead officials explore alternatives to lending that is payday

Moorhead officials explore alternatives to lending that is payday

MOORHEAD-City and state officials collected right here Monday, June 4, to talk about how to assist Moorhead residents avoid what one nonprofit company calls the “debt trap” of payday advances.

Exodus Lending, which helped arrange Monday’s conference, states numerous residents in your community whom sign up for pay day loans face fees and rates of interest upward of 200 % once they become stuck in a period of financial obligation marked by constant renewal of loans additionally the investing of great interest and fees on an basis that is ongoing.

Based on 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 stated could visit food, youngsters’ medicines and university cost savings reports.