Post by Logan on Dec 5, 2016 16:06:50 GMT -6
City of Toledo officials are mulling a plan to clamp down on future payday and short-term lenders — a move other cites have already taken and financial coaches applauded.
The zoning change proposed — written by George Thomas, an attorney at Advocates for Basic Legal Equality, Inc. and sponsored by Toledo Councilman Cecelia Adams — would limit any new such lenders to one for every 30,000 Toledoans and require at least 2,000 feet between each.
“Toledo, like many other cities, is very prone to a glut of short-term lenders that offer very predatory loans,” said Joe McNamara, an attorney for the city.
“These fees accumulate, and you can get anywhere from 100 to 500 percent interest on these loans,” he said.
Read more: www.toledoblade.com/local/2016/12/01/Toledo-mulls-limiting-payday-loan-firms-Proposal-to-toughen-zoning-restrictions.html
The zoning change proposed — written by George Thomas, an attorney at Advocates for Basic Legal Equality, Inc. and sponsored by Toledo Councilman Cecelia Adams — would limit any new such lenders to one for every 30,000 Toledoans and require at least 2,000 feet between each.
“Toledo, like many other cities, is very prone to a glut of short-term lenders that offer very predatory loans,” said Joe McNamara, an attorney for the city.
“These fees accumulate, and you can get anywhere from 100 to 500 percent interest on these loans,” he said.
Read more: www.toledoblade.com/local/2016/12/01/Toledo-mulls-limiting-payday-loan-firms-Proposal-to-toughen-zoning-restrictions.html