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
- Prison won’t interrupt ex-prison chief’s retirement cash flow
- Ex-prison boss and businessman admit to bribery scheme
- ASA postmortem: industrial recruiting is a constant cycle of death and life
- MARTIN WILLOUGHBY — Doug Dale’s self-awareness helps lift him to top of his game
- MBJ Business Woman of the Year Top 10
- JOSH MABUS — Inbound marketing is fueled by wishful thinking
- (UPDATED — BREAKING NEWS) American Specialty Alloys won’t locate $1.2B mill in Mississippi
- Meet the MBJ's Businesswoman of the Year — Rosemary Smith, a business hotshot
- DAVID DALLAS — Delbert Hosemann: An unsung hero chooses to remain so