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Memphis City Council urges state to ban all lenders that are payday

Memphis City Council urges state to ban all lenders that are payday

MEMPHIS, Tenn. (WMC) – Should payday loan providers be prohibited from Memphis and Tennessee?

The Memphis City Council appears to think therefore.

Every council user voted and only an answer urging Tennessee lawmakers to revoke and ban company licenses for several payday loan providers.

Through the council’s meeting week that is last Memphis City Councilman Chase Carlisle, whom sponsored the quality, explained why action is required now.

“I’m bringing this resolution because too many times payday loan providers enter into our communities and fundamentally harm the economic development more than they assist,” Carlisle stated. “If they ever assist at all.”

The Pew Charitable Trusts claims 12 million Americans take away payday advances each 12 months to greatly help with unforeseen expenses. Continue reading Memphis City Council urges state to ban all lenders that are payday