Payday Lenders | St. Louis Public Radio

Payday Lenders

Although the payday loan industry has come under fire for high interest rates and other business practices, supporters say the operations fill a need for people who might not have easy access to money to help pay bills and cover other expenses.
taberandrew | Flickr

The recommendations of the Ferguson Commission are being touted as a potential roadmap to move forward in the St. Louis region after this year's protests stemming from the not guilty verdict in the murder trial of a former St. Louis Metropolitan Police Officer.  Some of the proposals deal with predatory lending, which often traps low-income earners with very high-interest loans.

Alderman Jeffrey Boyd votes at Laclede School Tuesday afternoon. (March 7, 2017)
Ryan Delaney | St. Louis Public Radio

Updated at 7 p.m. with polls closing — Election officials said turnout was light for Tuesday's mayoral and aldermanic primary elections.

Seven Democratic mayoral candidates and three GOP contenders are vying to move on to the April 4 general election. Blame the city’s longest-serving mayor for such a crowded field; Francis Slay chose against running for a fifth term.

Although the payday loan industry has come under fire for high interest rates and other business practices, supporters say the operations fill a need for people who might not have easy access to money to help pay bills and cover other expenses.
taberandrew | Flickr

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.

Court upholds language on local control measure

Aug 21, 2012
s_falkow | Flickr

A Missouri appeals court has ruled that language used to summarize a ballot proposal giving St. Louis city  control of its police department is fair.

Morning headlines: February 7, 2012

Feb 7, 2012
The payday loan industry has come under scrutiny from government officials in St. Louis, Jefferson City and Washington, D.C.
Flickr/rinkjustic

More time to pay off payday loans under proposed

Payday loans are unsecured loans of $500 or less that must be paid off within 31 days.  Sen. John Lamping, a St. Louis County Republican, told a Senate committee Monday that people should get at least 90 days to pay off those loans. The bill would also make it illegal for payday lenders to roll over or extend loans beyond 90 days.

This article first appeared in the St. Louis Beacon, Jan. 18, 2012 - A law firm hired by the payday industry is blanketing the state with letters telling clergy, church board members and religious groups that their active support for a ballot initiative restricting payday loan interest rates could threaten their tax-exempt status.