By Sylvia Gonzalez
Midland- It seems that even with our growing economy there are still many people who have a hard time trying to make ends meet. Many resort to payday or title loans, but they have no idea just how much they're forking over in interest, now the City of Midland wants to ban those type of loans.
For some people who resort to a payday loan or title loan they see it as a quick fix without realizing the harmful effects it has on their finances. That's the reason why Mayor Wes Perry is encouraging the state to put a cap on the interest these places charge their customers.
"I think they really prey on people who are less fortunate typically poor people or people who cant speak the language as well, and I am just seeing where it really something that we need to do something about it. Its difficult for a city to do it so I am just encouraging the legislature to get involved in that issue," Mayor Wes Perry said.
Mayor Wes Perry says he knows first hand the toll these interest rate can take on an individual, that's why its important for him for the state to set a cap on how much interest these place should charge.
"I think its important for them to be good responsible corporate citizens and try not to be so aggressive with their interest rates but they call them fees, but I look at it as interest," Mayor Wes Perry said.
There are about 19 loan business in the Tall City all promising easy credit only to hurt the pockets of struggling families by hiking their interest rates to up to 500 percent, although Perry says this is unacceptable he does see the need of some loan places in the community.