PAY DAY LOANS PRESENTATION
problems had been outlined plus the Texas Municipal Leagues model ordinance ended up being talked about during a presentation from Planning and developing Director Randle Harwood and Melinda Ramos through the town attorneyвЂ™s workplace.
A quick payday loan, often called a вЂњcash advanceвЂќ or вЂњcheck loan,вЂќ is a short-term loan, generally speaking for $500 or less, this is certainly typically due in the borrowerвЂ™s next payday. A fixed charge is compensated to borrow the funds, even in the event it really is for per week or two.
A typical example of charges cover anything from ten dollars to $30 for virtually any $100 lent, according to the loan provider. There’s absolutely no restriction in the fees which can be charged in Texas.