January 6

Missouri, payday-lending haven

Missouri, payday-lending haven

Can there be a specialist regarding the market dedicated to payday financing in Missouri? It surely appears to be one thing of a haven for payday lenders, regardless of the state’s tries to paint it self as being a strict regulator:

I’m not certain why the Missouri Division of Finance can be so defensive, here, or why it feels the requirement to place the phrase “consumer defenses” in scare quotes. However the simple truth is that last year, some 2.43 million pay day loans had been made — this in circumstances with a populace of significantly less than 6 million — and also the APR that is average those loans ended up being an eye-popping 444%. Continue reading

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