Payday Loan
 
Payday Loans
Loan Application
For Payday Lenders
Find A Payday Lender
Cash Advance
Find A Payday Lender
 
Payday Loan Calculator Payday Loan News
More Data Means More Loans for Low Income Borrowers
Read how one progressive lender is changing the payday loan industry

Rebuilding Bad Credit is an Uphill Battle
Learn how payday loans can actually help you rebuild your credit.

CFPB sees Big Banks as more of a Threat to Consumers than Short Term Loans
Learn why the CFPB is more worried about bank short-term loans.

Credit Union Payday Loan Plan Popular in Pennsylvania
Learn how Pennsylvania credit unions are getting into the payday loan game.

  [ View All Payday News ]

   
Payday Loan Benefits Key Benefits
Research payday cash advance lenders in your area

Instant approval low interest payday loan

Easy access to emergency cash

Calculate rates with our payday loan calculator

Explore faxless (no fax), no teletrack and military payday loan options

No credit check necessary for approval
   

   
Financial Newsletter

Enter your email to receive cash advance tips:

 
 
   

 

 
 

Petition to Cap Payday Loans Circulating in Missouri

 

Add to Google Add to My Yahoo! Add to RSS to MSN AddThis Social Bookmark Button

By: Javi Calderon
Petition to Cap Payday Loans Circulating in Missouri

Annoyed by the inactivity of local government, a Missouri coalition has taken action by earning approval from Missouri Secretary of State, Robin Carnahan, to circulate a petition for capping the interest rates on payday loans, car title loans and other forms of short-term credit at 36%.

In order for the issue to make it on the November 2012 ballot over 90,000 signatures must be collected. The decision of whether or not to place a cap on cash advance loans would then be left up to voters.

In recent sessions several attempts at payday loan regulation have been made. Representative Mary Still has offered several proposals that have been met with resistance from Republicans. Still’s proposals have been similar to the language in the petition.

Republican Representative Ellen Brandom has offered a bit of a compromise, a proposal that would restrict some aspects of payday lending, but would not place a cap on the interest rate.

The coalition, titled Missourians for Responsible Lending, is led by Reverend Jim Bryan, who is joined in the initiative by over 60 local religious leaders.

Gerri Guzman, the executive director of the non-profit Consumer Rights Coalition, is not among the coalition’s supports, claiming that the plan is ill advised and could end up causing more harm than good by restricting the options for low-income citizens.

Guzman’s group plans to meet with over 10,000 Missourians to educate, gauge their opinions, and formulate a plan for how to approach the petition.

The State of Missouri accounts for more short-term loan transactions than other states. Missouri also has among the highest average interest rates in the country. 17 states across the country have adopted the 36% interest rate cap on short-term loans. The 36% cap was first applied by the Federal Government to loans extended to members of the military.  Ironically, the cap for the military was suggested by two Missourians.
   
 

 
 
Left Bottom Box Right Bottom Box
Left Bottom Box Right Bottom Box

Copyright 2024 www.PaydayCashAdvanceLoans.biz. All Rights Reserved.