03 Oct City Council Voted to Table Cash Advance Ordinances Once More. HereвЂ™s Why ThatвЂ™s a Tricky Debate.
Springfield City Council voted to table conversation of ordinances that could make it more difficult for people who own short-term loan companies. Because it appears, the pay day loan issue wonвЂ™t be discussed again until February.
The matter of regulating title and payday loans is a delicate one.
The problem is contentious for a lot of states and municipalities as itвЂ™s a conflict that tries to balance the freedom of business people plus the protection of the susceptible populace.
In Springfield City Council debated whether to crack down on short-term lendersвЂ”but it ended up postponing the discussion until this fall june.
A week ago, Council voted to table the conversation once again, this time around until its conference on February 10, 2020.
Short-term financing companies offer payday or title loans, usually with very high interest levels and harsh charges for lacking re re payments.