Payday lenders still barred from city

STARKVILLE — The City of Starkville will not issue any permits for new payday lenders for at least a year, according to The Associated Press.

The board of aldermen made the decision Jan. 19 after local officials said 20 such lenders in the city are enough.

The moratorium will be in place at least until aldermen adopt a new comprehensive plan.

Payday lenders offer quick cash advances — for a fee — that customers must repay once they receive their next paycheck. Borrowers who cannot repay the loan by the next payday often “roll over” the loan repeatedly, leading to more charges that can quickly add up and lead to a cycle of debt.

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3 Responses to “Payday lenders still barred from city”

1. Cash Payday Loan - City says no to payday loans - Hattiesburg American « Cash Payday Loan Says:
   January 22nd, 2010 at 12:42 pm

   [...] Payday lenders still barred from city – Mississippi Business JournalPayday lenders offer quick cash advances — for a fee — that customers must repay once they receive their next paycheck. Borrowers who cannot repay the loan by the next payday often “roll over” the loan repeatedly, leading to more charges that [...]

2. Cash Loan Payday - Welcome to the birthplace of payday lending - Harper’s Magazine « Cash Loan Payday Says:
   January 22nd, 2010 at 11:52 pm

   [...] Payday lenders still barred from city – Mississippi Business JournalPayday lenders offer quick cash advances — for a fee — that customers must repay once they receive their next paycheck. Borrowers who cannot repay the loan by the next payday often “roll over” the loan repeatedly, leading to more charges that [...]

3. Payday lenders still barred from city | quick payday loan fast payday loan payday loan store fast cash payday loan loan servicing software low fee payday loan Says:
   January 25th, 2010 at 5:03 pm

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