Payday Loan
Payday Loans
Loan Application
For Payday Lenders
Find A Payday Lender
Cash Advance
Find A Payday Lender
Payday Loan Calculator Payday Loan News
Owner of Washington Payday Loan Store Accused of Ponzi Scheme
Read more about the latest scandal to peak the SEC's attention.

Arkansas Attorney General Fighting Online Payday Loans
Learn more about AG Dustin McDaniel's fight against online payday lenders.

Birmingham City Council Considering Moratorium on Fast Cash
Read more about the initiative to halt the spread of quick cash loans in Birmingham.

Republicans Reject Obama Nominee for Financial Bureau Head
Learn why the GOP decided to block Obama's nomination for the head of the CFPB.

  [ View All Payday News ]

Payday Loan Benefits Key Benefits
Research payday cash advance lenders in your area

Instant approval low interest payday loan

Easy access to emergency cash

Calculate rates with our payday loan calculator

Explore faxless (no fax), no teletrack and military payday loan options

No credit check necessary for approval

Financial Newsletter

Enter your email to receive cash advance tips:




Austin City Council to Vote on Payday Loan Restrictions


Add to Google Add to My Yahoo! Add to RSS to MSN AddThis Social Bookmark Button

By: Javi Calderon
Austin City Council to Vote on Payday Loan Restrictions

Inspired by the Dallas City Council’s decision to circumvent the State’s position to forego tightening payday loan regulations, the Austin City Council is now considering doing the same.

Councilman Bill Spelman is asking his fellow council members to consider several measures, including following the city of Daallas in requiring deferred deposit lenders to register with the city.

Spelman is pushing two different proposals that also include a measure to cap the maximum amount for cash advance loans, limit how many times a customer can roll over a loan, and limit how much of a customer’s monthly income the they can borrow against. The proposal even includes new restrictions for car title loans.

Part of the reform would restrict where lenders can open up shop, mandating that they stay at least 200 ft away from residential zones, 500 ft away from major highways, and 1,000 ft from each other.

Earlier this year members of the Texas House of Representatives tried to pass statewide restrictions on payday loan interest rates, but were unsuccessful.

The Dallas City Council passed several small changes, including requiring lenders to register, but did not place a cap on interest rates.

The two proposals have thus far been well received. Other than Spelman, council members Mike Martinez and Chris Riley are sponsoring the proposal dealing with zoning, and council members Laura Morrison and Sheryl are sponsoring the proposal that outlines the new loan limits.

The payday loan debate is a complicated one, with critics claiming that payday lenders are sharks who prey on low-income families, while supporters point out that low-income customers lack the credit for more traditional options and need options for borrowing money to cover unexpected expenses. For these reasons, some areas chose to enact relatively tame reforms, in hopes of avoiding throwing off the delicate economic equilibrium of those who depend on the loans.

The Austin City Council will vote on the proposals on Thursday.

Left Bottom Box Right Bottom Box
Left Bottom Box Right Bottom Box

Copyright 2023 All Rights Reserved.