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Berkeley payment wishes limit on predatory loan providers

Berkeley payment wishes limit on predatory loan providers

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BERKELEY — Deriding payday and red slide loan companies as “predatory” and “usurious,” preparation commissioners searched at their Dec. 3 conference for how to prohibit, or at limit that is least, the sheer number of such companies when you look at the town.

“On one hand, I would like to be rid of the noxious (company),” Commissioner Dan Lindheim stated. “On one other hand, i wish to make certain there was some center into the town for those who require this noxious (solution).”

City staff will make use of the commissioners’ conversation to frame the matter on managing cash advance establishments at a City Council general general public hearing, probably in February.

A payday or deferred loan is a little, short-term loan which allows individuals to borrow on their next paychecks.