Payday Lenders to Decrease in Des Moines

Posted On: July 26, 2010 at 12:06 p.m.

Filed Under: citizens for community improvement payday loan

With heavy legislation and consumer groups fighting against the payday loan lending industry, stores are likely to slowly shrink in numbers. In Des Moines, IA, new laws are coming in place to actually restrict the number of store per capita in the city. “The activist organization Citizens for Community Improvement will call for tough new rules that aim to drive down the number of payday lenders in Des Moines. [[ads]] CCI members will be on hand at public forums hosted today and on Aug. 5 to discuss new regulations under consideration for Des Moines pawn shops and payday lenders. The city’s Plan and Zoning Commission will host the forums, set for a 5:30 p.m. start in the City Hall council chambers, 400 Robert D. Ray Drive. Chris Neubert, an organizer for CCI, said today the group will urge city leaders to enact “a strong density ordinance that addresses payday lending.” Specifically, “an ordinance that caps the number of payday lenders that can operate in Des Moines at one for every 20,000 residents” (http://blogs.desmoinesregister.com/dmr/index.php/2010/07/15/cci-urges-tough-rules-for-payday-lenders/). Such decisions, of course, do not come without controversy. Payday lenders have given many citizens with poor credit or tight, emergency situations a way to bail out of a tight spot. Unfortunately, the predatory lenders have given the industry a bad name. What do you think, is Des Moines doing the right thing, or are they taking a valuable service away from the community?

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