Cedar Rapids Gazette urges action on pay day loans

Below is definitely an editorial into the October 5 Cedar Rapids Gazette referencing CCI users’ strive to enact payday that is local ordinances and also the significance of the Iowa legislature to simply take essential action to break down with this predatory practice.

By The Gazette Editorial Board

Cedar Rapids may join a few other Iowa urban centers in establishing limits on where brand new loan that is payday can run. It’s an effort to rein into the growth of the frequently problematic industry, that provides small-dollar, short-term loans to individuals who may possibly not have access to more traditional lines of credit — though at a cost that is heavy.

But zoning ordinances aren’t the solution that is best to predatory abuses — they’re merely an instrument that urban centers have actually authority to utilize. Continue reading