Home » NEWS » Banking & Finance » Starkville says no to new payday lenders

Starkville says no to new payday lenders

STARKVILLE — The city of Starkville will not issue any permits for new payday lenders for at least a year.

The board of aldermen voted Tuesday to extend a moratorium that was scheduled to expire on Jan. 1.

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.

The moratorium does not affect lending businesses already in the city.

About 20 companies, commonly referred to as payday loan businesses, car title loan businesses and check-cashing businesses operate in Starkville. Most are located on Mississippi Highway 12.

About Megan Wright

Leave a Reply

Your email address will not be published. Required fields are marked *