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Lewisville eyes community loan center idea as pay day loan alternative


The Lewisville City Council heard a presentation in workshop session final Monday night about the proposition for making a Community Loan Center (CLC). A CLC would form teams employers within the city by having a non-profit company to offer lower-interest loans as much as $1,000, reimbursed via payroll deductions.

The council has looked over regulating the payday financing industry. Nevertheless when they asked for options before continuing into legislation, Assistant City Manager Claire Swann placed the CLC concept as an option to lending that is payday wouldn’t normally price the town almost anything to get going.

Pay day loans are short-term crisis loans as high as $1,000 with yearly portion prices which range from 300 to 800 per cent. Customers usually provide the loan providers use of their checking reports to enable them to be paid back.

Experts of payday financing mention that consumers frequently roll within the stability to increase the loans if you are paying just the interest and charges. Continue reading