Paul Kiel

St. Louis on the Air
4:40 pm
Tue August 6, 2013

Payday Loan Industry Under Scrutiny, Mo. Opponents Renew Effort To Cap Interest Rates

A group of community and religious leaders is proposing a Missouri ballot measure that would effectively limit the cost of payday loans.

Opponents of payday loans say extremely high interest rates and quick turn-around sink people into a never-ending cycle of debt. Those in favor of the loans say they are providing a necessary service by offering loans to people who otherwise would not have access to them.

An investigative series by reporter Paul Kiel of ProPublica is shedding light on the issue.

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