Forget all that malarkey that Missouri is The Show-Me State. Women’s Voices Raised for Social Justice contends that ‘Missouri: The Reverse Robin Hood State’ would be a far more appropriate state motto these days. Women’s Voices members argue there are far too many instances in which the wealthy profit off the misfortunes of the poor in Missouri. They aim to do something about it. “We are getting behind the petition drive for a state law to restrict the gouging done by the payday loan industry,” said University City resident Barb Finch, a founder of the Women’s Voices group. “We plan to collect signatures to get it on the ballot. It’s scandalous that Missouri is known for this kind of abuse.” New payday loan outlets have grown like Topsy in the St. Louis area since the bottom fell out of the economy in 2008. They consist of lenders who promise quick,…
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The Missouri House endorsed legislation Wednesday lowering limits on how much payday lenders can charge customers. In a 99-57 vote largely along party lines, House members backed legislation that would cap total interest on such loans at 60 percent of the loan amount, rather than the current cap of 75 percent. The legislation would allow lenders to “roll over” a customer’s loan three times instead of the current six. Democrats say the measure doesn’t go far enough in lowering interest rates or allowing customers enough time to pay off their loans. The House must vote on the bill once more before it goes to the Senate. Sponsoring Rep. Ellen Brandom, R-Sikeston, said payday loans help low-income people because it allows them to obtain funds on short notice without a credit application. “If you do not have credit and do not have security, you really have no business to go to…
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A payday loan scam is hitting some consumers who applied for a loan online when they receive calls from scammers saying big money is owed. In the case of Eric and Suzanne Conley from Canyon City, Colorado, they said a payday loan was their only option to get the bills paid and their kids fed. “You do it because you’re broke, it’s a last resort,” said Suzanne. She went to a few payday loan sites, and filled out applications. For most sites, applicants must give all their personal information, including social security and bank account numbers, to find out if they qualify. Many payday loan sites then provide that information to multiple lenders. The Conleys got their loan, but also something they didn’t bargain for– a call saying they were facing criminal charges for a loan they never repaid. Do you feel like you are running out of options? The…
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