Fort Worth City Council Passes New Payday Loan Regulations – NBC 5 Dallas-Fort Worth

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The city of Fort Worth will now have a new set of regulations to limit fast-cash stores that some are calling predatory after a vote on Tuesday night.

Fort Worth City Council member Kelly Allen Gray said the regulations will help lift people out of a cycle of poverty.

One week before Christmas, Brandon Hayes was standing empty-handed outside a store in Fort Worth.

He was hoping to borrow $ 200 for Christmas shopping.

“I have two newborn twin sons. I wanted to bring them a few things, get my fiance a few things, ”Hayes said.

But he couldn’t afford the fees the store wanted.

“They wanted almost $ 300 from me on top of the $ 200 I would have borrowed from them. I decided not to do it, “he said.” I wouldn’t say I’m disappointed, but really, it’s crazy like what. It’s too much. I didn’t, ”says Hayes.

Fort Worth City Council on Tuesday approved a new set of bylaws, 5-3, to limit cash advances to 20% of a borrower’s monthly income.

“I understand the fuss, that they’re trying to make money, but they’re making too much money if I can tell for myself,” Hayes said.

He said he was happy that the ordinance regulates payday companies and the fees they charge.

“I find that good. It makes me smile knowing that they can’t rip people off with their money,” Hayes said.

Gray spoke of the loans on Tuesday, calling them “predatory.”

“We’re one of the biggest cities here in the state that doesn’t do anything related to payday loans. I have to support him with all my heart, ”she said.

Gray said the new regulations would come into effect on January 1.

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