By Blake Tommey
Missouri is just a lush oasis for predatory loans, with an increase of payday loan providers here than Starbucks, McDonaldвЂ™s and Walmart shops combined. In 2017, Missouri loan providers issued a lot more than 1.6 million payday loansвЂ”averaging about one in four residentsвЂ”each holding the average interest that is annual of 462 %. Include tens of huge amount of money in fines, and an abuse is had by you of epidemic proportions.
Ministers and users from University Heights Baptist Church pause for a photograph throughout the 2017 General Assembly in Atlanta, Ga.
Every two weeks in May 2018, the Missouri House Financial Institutions Committee passed a bill that claimed to curb predatory lending, but still allowed a 35-percent interest increase. That translates to 910 APRвЂ”nearly twice the interest that is average for a payday advance!