City Council aims to tighten up rules on pay day loan companies

City Council aims to tighten up rules on pay day loan companies

Olivia DeSmit

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The available indication above the leading home of look at money, a quick payday loan company, is illuminated along Providence path on April 29 in Columbia.

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COLUMBIA — The city’s appropriate team will draft a bill calling for weightier regulations on cash advance organizations.

Cash advance organizations offer little loans, usually significantly less than $1,000, that borrowers often vow to pay for along with their next paychecks. The loans are really easy to submit an application for simply because they need no credit score and frequently only demand a kind of ID, a checking account and evidence of earnings. Continue reading “City Council aims to tighten up rules on pay day loan companies”