Payday lenders still barred from city
Published: January 22,2010
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.
To sign up for Mississippi Business Daily Updates, click here.
3 Responses to “Payday lenders still barred from city”
Top Posts & Pages
- A BIG CHANGE: New mortgage rules seen bringing increase in pricey mobile home loans
- Analyst: KiOR Columbus plant may end up sold as scrap
- Warden who lives hundreds of miles from jail resigns
- Jail kitchen supervisor pleads guilty to stealing food
- (UPDATE) Gov. Bryant: $1.2 billion aluminum plant is a very exciting proposition for the state of Mississippi
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- WILLOUGHBY: Bernie Reed cites hard work as key to success of Reed’s Metals
- DAVID DALLAS: Savor this Thanksgiving and be grateful
- Hunting-weapons legislation passes House