The state of Missouri has proposed new limits that would cap payday lending rates. Many Americans turn to payday loans when they need cash immediately. Because they are such short-term loans, they generally come with high interest rates, which negatively impact some borrowers.
The Secretary of State has given the “Missourians for Responsible Lending” group approval to begin promoting a petition that seeks to place the issue on the 2012 ballot.
With the economy currently in tatters, payday lending has become a popular business venture, with several new financial institutions offering the borrowing option. These companies offer paycheck advancements and can get borrowers out of a tough bind – for example, giving them the resources they need to pay rent before they get their next check. Read More >