After months of wait, aldermen give initial approval to restrictions on payday lenders

After months of wait, aldermen give initial approval to restrictions on payday lenders

The St. Louis Board of Aldermen on Friday offered approval that is initial legislation that could place new limitations on payday loan providers into the town.

Local officials cannot regulate things such as the interest that loan providers charge in the short-term loans. Rather, the bills from Alderman Cara Spencer, D-20th Ward, need lenders to have a license to use into the town, and set limitations on where brand new people can start. Businesses would also need to offer detailed information regarding the real price of a loan and about alternatives made available from non-profits yet others. Continue reading “After months of wait, aldermen give initial approval to restrictions on payday lenders”