Seguin Gazette: Payday lenders could face new rules
October 26, 2014
There are a number of lending institutions in Seguin, and not all of them — not even most of them — are banks. That’s because not everybody can qualify for a bank loan. Some go to pawn shops and others go to “payday” loan places or “title” loan places — those who expect to be repaid on a borrower’s payday or who hold the title of the customer’s car against the value of a short-term loan. In Seguin, there are more of those places than there are banks. City Council, seeking to reduce their impact on the poor, passed an ordinance on first reading this past week to restrict the size of such loans, the ways they are extended or rolled over and the amount of a vehicle’s value that can secure one. Read more here.