Is Missouri heating up?
September 7, 2010 | Missouri | Comments (0)Missed this from Sunday:
With some of the most lenient laws regulating payday loan businesses, Missouri is crawling with them. St. Joseph has 28 from which to choose.
Critics say the businesses are practicing “predatory” lending, feeding off the underprivileged. Proponents say they’re simply offering a service to those who can’t get a loan anywhere else.
State Rep. Mary Still, D-Columbia, has for two years attempted to rein in the interest rates and put other provisions on the payday loan industry in Missouri, but her bills failed to reach a committee and died. She wants to limit the annual percentage rate (APR) to 36 percent. The current average is 390-plus percent.
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