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Oklahoma payday loans

Moorhead officials explore alternatives to payday lending

MOORHEAD-City and state officials collected right here Monday, June 4, to talk about methods 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 the area whom sign up for pay day loans face fees and interest levels upward of 200 per cent when they become stuck in a cycle of financial obligation marked by constant renewal of loans plus the investing of great interest and costs for an ongoing foundation.

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 records.