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 legislation passed in Missouri to put a cap on interest rates that a lender could charge. She adds that the military has capped at 36 percent the amount that a Pay Day lender can charge.
Hutchinson’s organization works with banks and credit unions to help people in need of a loan with a reasonable interest rate that they can obtain.
If you are interested in more information on lending institutions, visit getbanknow.org.