City Council Considers Rules on Pay Day Loans

City Council Considers Rules on Pay Day Loans

SPRINGFIELD, Mo. New pay day loan laws might be on route in Springfield.

The town council is weighing two measures that will require more transparency about the interest levels that folks spend.

A grassroots group rallied outside town hallway in support of proposed modifications for payday lenders.

“We have tried for many years to deal with the rates that are exorbitant predatory loans are billing individuals the truly high-interest prices and that hasn’t made any progress within the Missouri legislature,” stated Emily Bowen-Marler, a minister a Brentwood Christian Church, whom additionally works together with Faith Voices, “so some communities in Missouri are attempting to approach it insurance firms these permitting charges, given that it will discourage predatory lenders from establishing store in Springfield.”

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