About ten years ago, Dallas became the city that is first Texas to put some restrictions on payday advances. These are tiny loans agreed to folks with woeful credit at yearly percentage rates because high as 500%. Now, some faith leaders are saying it is time and energy to upgrade the populous town’s rules to guard customers from brand brand new cash loans Ohio loan products they call predatory.
Dallas’ 2010 ordinance didn’t ban payday loans outright, nonetheless it included transparency and guard rails to help keep loan providers from lending cash on terms that made it more difficult to repay, and sometimes forced individuals right into a spiral of endless re-financing and charges. Read more “Dallas Faith Management Drive City To Modify ‘Predatory’ Lending Rules”