Springfield OKs Payday Loan Fee

 

A key part of Springfield City Council’s rules designed to crack down on payday lenders and car title lenders will soon be law.

More than 56% of voters on Tuesday backed a proposal to impose an annual fee of $ 5,000 on short-term lenders, or a fee of $ 2,500 if they register mid-year.

The measure aims to ensure that lenders comply with city rules, and the money will be used to provide alternatives to short-term lenders, help people get out of debt, and educate the community on the reality of taking out a mortgage. payday loan or car title. .