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Without a doubt about Councilman Chadis seeking to manage payday lenders

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Councilman Juan Chadis thinks lenders that are short-term preying on Lubbock’s most vulnerable residents, so he’s gearing up to introduce an ordinance targeted at managing the industry in Lubbock.

Chadis is hoping Lubbock joins the almost 40 towns over the declare that curently have a standard ordinance to decrease the “abusive and predatory financing methods” of short-term loan providers referred to as payday or automobile name loan providers. These loan providers typically provide little loans at greater rates of interest due for payment either regarding the debtor’s next payday or through repayable installments during a period of the time. Continue reading