The Fate of Payday Stores Rest on The Hands of The People

Due to the increasing problems that the State of Missouri is facing with payday loans the Missouri Supreme Court has decided on their hearing last July 31 to put the fate of these lenders to the voters of the state on November. This decision has pleased the State Representative of Columbia, Mary Still and two other politicians who called this decision a triumph for the populace of the state.

A 36 percent limit on the interest charges will be adapted for payday loans if ever the issue will be approved in November. Currently the average interest rate according to Branson Wood is 445 percent in Missouri. Wood believes that the issue will definitely be approved by the voters since it is beneficial to both parties in the state. Many of the state’s leaders are supportive to it; among them are Katie and Branson Wood. They believe this will be beneficial of the people of the state and the economy as well.

Payday loans in Missouri have high interest rates and soon, there will be an end to them. The Woods and Still are actively campaigning on their petition by the issue; and now, only the appropriate signatures are needed so that the State Secretary’s signature can be verified and the issue will be solved.

Law makers are confident that the signatures will not be a problem for they were able to get 180,000 of them which are double than the number they were required.  The Supreme Court’s decision is now quoted by the masses as “a victory for Missouri consumers and the Missouri economy,” according to Still.

After the Circuit Judge Jon E. Beetem hadrejected the balloting for the issue, Branson Wood appealed the case to the Supreme Court and they were pleased that it has approved their call.

Share and Enjoy:
  • Print
  • Digg
  • Sphinn
  • Facebook
  • Mixx
  • Google Bookmarks
  • Blogplay

Related posts on loans for people with bad credit:

  1. The Struggle Against Payday Loans and Low Wages Continue for Missouri The Struggle Against Payday Loans and Low Wages Continue for Missouri The State Secretary has recently declared that the groups that are filing against payday loans do not have the sufficient number of signatures to have a ballot to settle the issue…...
  2. Payday Loan Petition Initiative An initiated petition regarding payday, title, consumer credit and installment loans have passed the circulation standards. Robin Carnahan, the Secretary of State, shared the petition’s ballot title as follows: Shall the law of Missouri be changed to put limitations to the yearly rates on…...
  3. Payday Loan Trap Payday Loan Trap The number of payday loan stores in Missouri is extremely high and it raises concern from some citizens. The increase in the business had been parallel to the increase of the poor and middle class citizens in the area.…...
  4. Kansas vs. Payday Loan Collector Agency Kansas vs. Payday Loan Collector Agency The Attorney General of the State of Kansas has recently announced that he has filed a lawsuit for consumer-protection against a debt collection agency that is based in the state. The said agency was based…...
  5. Oklahoma’s Payday Loan Laws are Tolerant Says Survey Oklahoma’s Payday Loan Laws are Tolerant Says Survey According to the recent national survey the small-loan laws in Oklahoma are charging the highest interest rates in the history of payday loaning in the United States today. A research conducted by the Pew Charitable…...

Filed under: Loansloans for people with bad creditpayday loans

Like this post? Subscribe to my RSS feed and get loads more!