Without a doubt about Councilman Chadis trying to manage payday loan providers

Tuesday

Councilman Juan Chadis thinks short-term loan providers are preying on Lubbock’s most vulnerable residents, so he’s gearing up to introduce an ordinance targeted at managing the industry in Lubbock.

Chadis is hoping Lubbock joins the almost 40 towns throughout the declare that curently have an ordinance that is standardized decrease the « abusive and predatory lending techniques » of short-term loan providers referred to as payday or automobile name lenders. These loan providers typically provide tiny loans at greater interest levels due for payment either regarding the debtor’s next payday or through repayable installments during a period of the time. Plus »