Read more: Local, Economy, Payday Loans
Three Missouri lawmakers are proposing tough restrictions on Payday Loan companies.
Their legislation would cap how much interest a Payday Loan store could charge and extend the period of time a consumer has to repay the loan.
Columbia State Rep. Mary Still says Missouri’s lax laws allow the companies to thrive, at the expense of consumers.
"These are businesses; they love areas where there are low-income people,” said Still. “People that work hard and have a paycheck and can least afford to lose this amount of money."
Still filed a similar bill last year that never made it out of the committee.
