Councilman Chadis trying to control lenders that are payday

Councilman Chadis trying to control lenders that are payday

Councilman Juan Chadis thinks short-term loan providers are preying on Lubbock’s many vulnerable residents, so he’s gearing up to introduce an ordinance geared towards regulating the industry in Lubbock.

Chadis is hoping Lubbock joins the nearly 40 urban centers throughout the declare that have a ordinance that is standardized lower the “abusive and predatory lending techniques” of short-term loan providers called payday or automobile title lenders. These loan providers typically provide little loans at greater rates of interest due for payment either regarding the debtor’s next payday or through repayable installments during a period of time.