payday loans

The full Board of Aldermen is expected to take up the stadium funding plan next Tuesday.
Jason Rosenbaum I St. Louis Public Radio | file photo

St. Louis aldermen want to place stricter regulations on “payday loan” establishments, part of a broader movement to combat institutions that provide short-term cash to primarily low-income individuals.

Payday loan companies tend to provide small, short-term loans to people. Some critics of the institutions say that they place high interest rates on the loans, which send low-income people who use the service into a cycle of debt.