By Shawn Martin
A very sharp lawmaker put into check the Missouri payday loan companies.
Seems they can get as sneaky as they want, but a sharp Governor won this battle for the people of Missouri.
Sometimes we forget what we are fighting for, and these companies can slide things right under our noses.
With people like Governor Nixon around, maybe we still have hope of winning enough battles to take the sting out of some of the losses with these companies.
Out of control payday loan debt?
What went down
This veto confused everyone involved in the payday loan regulations, as they had the understanding that this bill had nothing to do with payday loan regulation, but alas, they were duped by the loan companies.
Seems money buys votes, and this bill was on it’s way to passing with the help of lobbyists bought off by the loan companies.
Along came one sharp politician who saw it for what it was, a sneaky ploy that would have put a $75 cap on “origination fees” for loans exceeding 30 days.
Sounds good until you figure out that passing this bill also would allow a 10% fee of the principle amount, up from the current 5% allowed.
A very good way for the payday loan companies to double their fees, and profits.
More and more politicians are seeing through the tactics these loan companies are using to continue the practice of taking advantage of the poor and underprivileged.
As long as these companies keep doing business, we will be here to help people out of the payday loan traps they put themselves in.
If you are in trouble with payday loan debt please give us a call at 1-877-280-5100 or fill out our form for your free no obligation quote on how we can help you get back on your financial feet.
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