Memphis City Council urges state to ban all payday loan providers

Memphis City Council urges state to ban all payday loan providers

Should payday loan providers be prohibited from Memphis and Tennessee?

The Memphis City Council generally seems to think therefore.

Every council user voted in support of a quality urging Tennessee lawmakers to revoke and ban company licenses for many payday loan providers.

Through the council’s conference week that is last Memphis City Councilman Chase Carlisle, who sponsored the quality, explained why action becomes necessary now.

“I’m bringing this quality because quite a few times payday loan providers come into our communities and finally harm the growth that is economic than they assist,” Carlisle stated. “If they ever assist after all.”

The Pew Charitable Trusts claims 12 million Americans take down pay day loans each 12 months to support unanticipated costs. Numerous borrowers also utilize short-term loans on a normal foundation to cover lease and resources, a need that includes increased throughout the COVID-19 pandemic. Continue reading Memphis City Council urges state to ban all payday loan providers