Category: Personal Finance

Big WIN for MO consumers!

Regulators disallowing utility payments at payday loan stations. Allowing monopoly companies to use payday loan stations gives legitimacy to predatory business and facilitates the use of high interest loads to pay for necessary services. Its vitally important to have consumer groups who are willing to advocate for and push for policies that protect citizens from predatory businesses. Support Consumers Council of Missouri along with AARP Missouri, Empower Missouri and other ad ...

SLCCU opens in South St. Louis

St. Louis Community Credit Union is opening a South City branch in Benton Park West. SLCCU is working to combat payday lending and check cashing, to put mainstream banking in the hands of people who are otherwise underserved by traditional financial institutions. https://nextstl.com/2016/09/st-louis-community-credit-union-building-new-branch-benton-park-west/ ...

Payday Lending gets tough in STL

Payday Lending gets tough in STL

STL Aldermen are considering some of the toughest municipal laws in the country on Payday Lending. You can show your support for this legislation by attending the committee hearing tomorrow at 10am. ...

CCM Decries Payday Lender Re-opening Quickly on West Florissant after Turmoil

KMOX Radio, July 1, 2015 While many businesses in Ferguson have still not re-opened, Pay Day Loans  was quick to open their doors. They have three locations along West Florissant. Jacqueline Hutchinson is Board Chair for Missouri Consumers Council and says that this is typical from predators. “We know that the rates for Pay Day Loans can be as much as 1,400 percent as compared to if you borrowed the money from a bank,” says Hutchinson. She says that there needs to be le ...

Justice Department Settles Case about Red Lining with Eagle Bank & Trust Co.

St. Louis Post-Dispatch, September 29, 2015 WASHINGTON • The U.S. Department of Justice announced Tuesday it has reached a settlement with Eagle Bank & Trust Company of Missouri resolving allegations of lending discrimination in St. Louis. Mike Walsh, the bank's president and CEO, said Eagle disagreed with the government's allegations but agreed to the settlement to "put the best interests of the people we serve above any desire to continue discussions in the hopes of rea ...

Woman Borrows $100, Pays Back $3,592; Judges Rule Legal Under Missouri Law

St. Louis Post-Dispatch, July 13, 2015 Erica Hollins borrowed $100 in 2006 at the Loan Express store on Olive Street downtown. By 2011, she had paid back $3,592, garnished from her wages at a nursing and retirement home. She might still be paying today had she not found a lawyer to try to stop it. She wasn’t — and isn’t — the only one in that fix. Other people who borrow small amounts in St. Louis end up paying 50 and 60 times the original amount borrowed through wage garn ...

Payday Lender Among First Businesses to Reopen on West Florissant in Ferguson

KMOX, July 1, 2015 While many businesses in Ferguson have still not re-opened, Pay Day Loans was quick to open their doors. They have three locations along West Florissant. Jacqueline Hutchinson is Board Chair for Missouri Consumers Council and says that this is typical from predators. “We know that the rates for Pay Day Loans can be as much as 1,400 percent as compared to if you borrowed the money from a bank,” says Hutchinson. She says that there needs to be legislati ...

Wise Up on Payday Loans

Two Videos Give Good, Basic Information on Predatory Lending Two short videos produced by The Pew Charitable Trusts lay out the issues about short-term, cash loans in plain language.  Click here. ...

Payday Lending Rules Proposed by Consumer Protection Agency

The New York Times, March 26, 2015 BIRMINGHAM, Ala. — The Consumer Financial Protection Bureau, the agency created at President Obama’s urging in the aftermath of the financial crisis, took its most aggressive step yet on behalf of consumers on Thursday, proposing regulations to rein in short-term payday loans that often have interest rates of 400 percent or more. The rules would cover a wide section of the $46 billion payday loan market that serves the working poor, many of ...

More Payday Lenders Than McDonald’s Shows Value of Fast Money Across U.S.

NBC News, November 24, 2014 There are more payday lenders in the U.S. than McDonald's or Starbucks, reflecting economic conditions in which fast money is even more important than fast food. Payday lending, in which users pay a fee for what amounts to an advance on their paychecks, has blossomed over the past 20 years. There are now more than 20,000 across the country, according to the St. Louis Federal Reserve, while McDonald's boasts 14,267 locations. They're used most of ...

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