To: The Missouri State House and The Missouri State Senate
Stop predatory lending
Stop allowing usury rates in payday, signature and title loans! Missouri's average APR is 450%. That's outrageous! As the worst state in the nation, we need to do something to cap the rate. Let's make 36% (cap for military personnel) our new limit.
Why is this important?
I'm an associate pastor in a church in Missouri. I work with a faith-based coalition "Missouri Faith Voices." We are grieved at the outrageous payday lending practices in Missouri. Legally, a person can be charged 1995% interest for a payday loan. The average APR for payday loans in MO is 450%. We have tried to get our legislature to set new limits (36%) as Congress did for military personnel. They have ignored our requests. It's time to do something!