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Lewisville eyes community loan center concept as pay day loan alternative


The Lewisville City Council heard a presentation in workshop session final Monday evening about the proposition for producing a Community Loan Center (CLC). A CLC would synergy employers within the town by having a non-profit company to offer lower-interest loans as much as $1,000, repaid via payroll deductions.

The council has looked over managing the lending industry that is payday. Nevertheless when they asked for options before continuing into legislation, Assistant City Manager Claire Swann placed the CLC concept as an option to payday lending that wouldn’t normally price the town almost anything to get going.

Pay day loans are short-term crisis loans all the way to $1,000 with yearly portion rates which range from 300 to 800 %. Customers usually supply the loan providers usage of their checking reports to enable them to be paid back.

Critics of payday financing mention that consumers frequently roll within the balance to increase the loans if you are paying just the interest and costs. Continue Reading…