payday loan

Moorhead ordinance stops payday lenders from charging steep interest rates

The ordinance will go into effect on Friday

MOORHEAD, Minn. – Moorhead is hoping to pave the way for frustrated Minnesota cities with a new ordinance to limit payday lenders. They’re calling it the Moorhead Model. It’s the first of its kind in Minnesota. It will stop payday lenders from charging big annual fees. “Unfortunately when your business model relies on charging three hundred, four hundred, or five…