From a coalition out in Missouri that is aiming to protecting access to safe and affordable lending options in the state:

“Missourians are being asked to sign a petition for a ballot initiative that would cap lending rates. While the initiative is being reported as an effort to protect consumers from payday loans , it would actually restrict access to all small loans, including beneficial traditional consumer installment loans . These traditional loans help individuals and families get access to safe and transparent credit in a way that enables them to preserve their financial security,” said Tom Hudgins, CEO and Chairman of Stand Up Missouri. “These traditional loans also support small businesses by providing borrowers with the funds they need to purchase the businesses’ products and services. Stand Up Missouri is working to educate Missourians on the facts so they can make informed decisions and protect their best interests as the ballot petition travels throughout the state.”