South Bay News
SJ to impose cap on payday loan businesses
SAN JOSE, Calif. (KGO) -- San Jose is set to become the largest city in the nation to impose a cap on the number of businesses that make payday loans.
The city council is expected to pass an ordinance tonight limiting the number of payday lenders to 38, the number of lenders already doing business in the city. It would also prevent future stores from opening in or near low-income neighborhoods.
Payday loans offer a quick way for people to get a maximum of $300 in cash. In return, they must promise to repay the loan plus a $45 fee within two weeks.
Opponents say limiting payday loans would hurt people who depend on them.
san jose, laws, loans, south bay news
- Castro Valley man a person of interest in wife's death
- Memorial bench to honor missing teen Sierra LaMar
- CA Republican Party holds convention in Burlingame
- Union says fewer teachers facing layoffs in California
- Dad accused of biting infant's nose to be arraigned
- Fundraiser for victims of Indonesia volcano eruption
- Thieves steal gas station ATM in Sonoma County
- Fire destroys home, displaces 15 residents in Richmond
- Honda recalling 886,815 Odyssey minivans
- Over $7,000 raised for police dog battling cancer
- Online naming contest open for trails at Glen Canyon
- Photos: Meet the stars where you live
- roundup: Most Wanted suspect; Sierra LaMar bench
- weather: Bay Area weather forecast for Sunday
Most Viewed StoriesMost Viewed Photos