United Payday Lenders in Missouri take issue with a recent Columbia Daily Tribune column:

By ignoring facts and disregarding the tens of thousands of Missourians who borrow responsibly and use payday loans to avoid less desirable options, Hank Waters’ March 14 column did your readers a disservice.

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By imposing a 36 percent APR cap, HB 132 would absolutely eliminate the small-loan industry in Missouri, leaving consumers to bounce more checks and incur more late-payment penalty fees. Under such a cap, lenders could charge only $1.38 for a two-week loan of $100. Research shows it costs lenders $13.89 to make such a loan.