Council approves payday lending ordinance. Walmart Providing Check Cashing Services

Council approves payday lending ordinance. Walmart Providing Check Cashing Services

Tuesday evening the Waco City Council voted when it comes to first-time on a possible ordinance limiting payday lenders in the Waco area so that you can protect borrowers. The council voted 5-1 in favor of the new ordinance which, if passed away for an additional amount of time in a future city council conference, would go into impact on August 16, 2016.

The ordinance defines the lending that is payday as “credit access companies.” Stating that particular organizations “engage in abusive and predatory financing techniques, providing effortless cash to those people in the city that are in a taut spot with onerous terms and costs.”

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