CBS7: Ordinance Could Regulate Midland Payday Loans

April 24, 2014

“It’s basically like legalized loan sharks, that’s what I think they are,” said Midland resident Ramon Leyba.

A proposed Midland ordinance would limit loan amounts and force payday loan businesses to be more spaced out around the city.

It’s all in an effort to keep Midlanders from being trapped in a cycle of debt.

It’s something many families rely on at one point or another, but the ordinance may give borrowers a little relief. Borrowers who have no choice but to pay the outrageous rates and fees when they are in a pinch.

“Even though it ends up costing you more, sometimes you have to do it,” said Midlander Tabatha Fuller.

Read more here.