Richardson considers strict operating rules for payday lenders - Dallas Morning News(Cash Before Payday)
RICHARDSON – Concerns about clusters of payday loan, check cashing and car-title loan companies have led the city to consider stricter rules about where the businesses can operate. Of the dozen or so payday loan, check cashing and title loan businesses, most are in the southern part of the city. Payday loans have fees that are generally 15 to 20 percent of the loan amount, with repayment due in a few days or weeks – after the borrower’s next payday. Don Baylor, a senior policy analyst for the Austin-based Center for Public Policy Priorities, said that his organization recognizes that payday loan companies do provide a service that people wouldn’t be able to get elsewhere. Once the loan is due, the borrower can either allow the check to be cashed or "roll" the loan over – essentially getting a new loan. Learn more
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