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Ten towns and cities across Iowa have actually passed away ordinances limiting the places of new loan that is payday

TOWNS DO SOMETHING

In domestic areas or near particular structures, like schools. But both critics and advocates state the ordinances are not able to deal with key problems: high rates of interest and company methods that target low-income borrowers.

“Cities can simply do so much. They can’t do just about anything about the interest prices, ” said Covington, of Iowa people for Community Improvement, who’s got caused urban centers on ordinances.

Diverses Moines passed Iowa’s city that is first this season, which limited brand new places while the moving or expansion of payday loan providers and pawnbrokers. The ordinance states the existence of these lenders detracts from efforts to attract or retain other companies and concentrations of payday lenders have actually “adverse impacts in the business that is overall associated with the City. ”

Ordinances also provide passed in Ames, Ankeny, Cedar Rapids, Clive, Iowa City, western Des Moines, Windsor Heights and, recently, in Waterloo and Dubuque. ED. NOTE: a past type of this tale failed to add Dubuque, which passed a neighborhood ordinance july 21, 2014. Continue reading