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Springfield coalition continues to target payday lending December 30, 2020

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Springfield coalition continues to target payday lending

Opponents of payday loan providers held a gathering in Springfield yesterday to sound support for yearly caps on interest levels for short-term loans.

Susan Schmalzbauer, the Faith Voices of Southwest Missouri Congregational Coordinator, stated a bill when you look at the legislature will make loans that are such workable for borrowers.

“Missouri Faith Voices supports Lynn Morris’s bill to cap the price at 36%, all charges included, with all the APR at 36per cent,” said Schmalzbauer. “We know that protects our families.”

A measure Republican Representative Lynn Morris of Nixa would decrease the apr for pay day loans from triple-digit interest to 36% each year.

Cheryl Clay, president for the Springfield branch associated with NAACP, said payday companies who will be predatory loan providers disproportionately target individuals of color, veterans, older people and solitary mothers that are working. (more…)

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