MEMPHIS, Tenn. (WMC) – Should payday loan providers be prohibited from Memphis and Tennessee?
The Memphis City Council appears to think therefore.
Every council user voted in support of a quality urging Tennessee lawmakers to revoke and ban company licenses for many payday loan providers.
Through the council’s conference a week ago, Memphis City Councilman Chase Carlisle, whom sponsored the quality, explained why action is necessary now.
“I’m bringing this quality because quite a few times payday loan providers enter into https://paydayloanslouisiana.org/ our communities and finally harm the economic development more than they assist,” Carlisle stated. “If they ever assist after all.”
The Pew Charitable Trusts claims 12 million Americans take away loans that are payday 12 months to aid with unforeseen costs. Numerous borrowers also use short-term loans for a basis that is regular pay money for lease and resources, a necessity which has had increased throughout the pandemic. Continue reading “Memphis City Council urges state to ban all payday loan providers”