payday loans with installment payments

Sandy limits payday lenders e restricting how many pay day loan organizations in

City limits figures; S.L. may follow suit

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  • Sandy could be the city that is latest into the Salt Lake Valley to position restrictions on payday cash-loan companies, and Salt Lake City can be next.

    The Sandy City Council voted 4-3 Tuesday evening to accept an ordinance restricting how many cash advance companies into the town. The Salt Lake City Council, meanwhile, delivered the situation to its preparation payment for further conversation.

    Generally known as "check always advance," "title loans" and "non-depository" organizations, the ongoing organizations provide short-term loans at interest levels of 400 per cent or more. For that explanation, they will have come under critique and legislation in several Salt Lake County metropolitan areas.

    "we have to handle the positioning therefore the range these facilities within our town due to the surrounding urban centers and whatever they've done and thus forth," Sandy Councilman Bryant Anderson said. "we think it sets us in times where, then the firms in Sandy would attract plenty of (payday lenders). when we do not follow suit,"

    Other people in the council, nonetheless, had been concerned with legislating against specific organizations.

    "we do not have proof they are harmful to the town. I do believe, to your contrary, they truly are a need," stated Councilman Steve Fairbanks, talking about research presented by Sandy Police Chief Steve Chapman showing loan that is payday usually do not raise the criminal activity price. "such a thing we do is simply a difficult reaction."

    After almost 90 moments of conversation, the council approved an ordinance restricting such organizations to 1 per 10,000 residents and stipulating they have to be described as a mile aside from one another.

    Sandy has 10 cash advance businesses in procedure but two applications had been on hold, waiting for the council's vote.