Bloomington Looking Forward For Cash Advance Payday Loans Laws Amendment

On October 3, 2011, the people of Bloomington called for a meeting at Miller Park Pavilion. The issue to be discussed was none other than putting a restriction on the APR of payday loans. 23 residents organized the meeting. They gave people chance to discuss their issues with City Council, mayor and department heads. People demanded that the interest rate must not exceed .They laid emphasize on cash advance payday loans, city debt, road repairs, the Open Meetings Act and Miller Park Zoo issue.

According to the latest report, Duane McGee claimed that there are various payday lenders that still charging 36 APR. "If they can't make a profit, there wouldn't be so many," McGee said. Moreover Mike Williams, the chairman of the Bloomington-Normal chapter of the NAACP claimed that he had availed payday loan long time back but need to make others aware of it’s demerits now. "We need to look out for our other brothers and sisters who may not have a voice," Williams said. To support this Mayor Steve Stockton also said that the state must have authority to cap the APR. It is only then it can be implemented. "Some say we do, and some that say we don't," Stockton said.

But it is strange that not all the people were in support of such an ordinance. The opponent Jeff Strange said "Let people have options."On the other hand Karen Green wanted that the citizens should be able to pay the debt easily whether the rules for payday lending change or not. He was worried about the rising taxes. City Manager David Hales said that the state must not rely on just one source of revenue. He said that one must look into the overall economic development of the state by finding new jobs.