11 December, 2020 | By Magnus Frejd |
MOORHEAD-City and state officials collected right right here Monday, June 4, to talk about approaches to assist Moorhead residents avoid what one nonprofit company calls the “debt trap” of payday advances.
Exodus Lending, which helped arrange Monday’s conference, states numerous residents in your community whom sign up for pay day loans face fees and interest levels upward of 200 per cent when they become stuck in a period of financial obligation marked by constant renewal of loans therefore the paying of great interest and charges for a continuing foundation.
In line with the company, in 2016 at the very least 1,156 borrowers in Clay County paid about $303,000 in interest to payday loan providers, cash Exodus Lending stated could head to food, kids’ medicines and university cost cost savings records.
Situated in the Twin Cities, Exodus Lending provides assistance to borrowers by refinancing current pay day loans while charging you no interest with no charges, stated Sara Nelson-Pallmeyer, executive manager regarding the nonprofit.