Lewisville eyes community loan center idea as cash advance alternative

The Lewisville City Council heard a presentation in workshop session final Monday evening about the proposition for making a Community Loan Center (CLC). A CLC would synergy employers within the town having a non-profit company to offer lower-interest loans as much as $1,000, paid back via payroll deductions.

The council has looked over managing the lending industry that is payday. Nevertheless when they asked for options before continuing into legislation, Assistant City Manager Claire Swann placed the CLC concept as an alternative to lending that is payday will never price the town any such thing to get going.

Payday advances are short-term crisis loans as high as $1,000 with yearly portion prices which range from 300 to 800 %. Customers usually provide the loan providers use of their checking reports to enable them to be paid back. Continue reading