New Bill Affects Missouri Payday Lending

A new bill on Missouri online cash advances and payday loans has been prepared by a House Group which will be ready to be presented at a public hearing in the near future. This Missouri payday loan bill will have a major impact on the online cash advance community which uses cash advances and payday loans as a way to pay off short term expenses. An online cash advance is a short term loan which is paid back with interest in a period of approximately two weeks. These types of loans are excellent for people who are unable to take out cash from other lending providers because of their bad credit or for people who need cash instantly. The bill that will be presented will help to protect online cash borrowers in Missouri. Some of the details that are expected on this bill include stating the number of times that one can roll over or renew a payday loan and a cooling off period of at least one business day before taking out a brand new payday loan. There may even be talk of lowering the interest rate on Missouri cash advances. The goal of the bill is not to run lenders out of town since cash advances are recognized as a useful lending option for certain borrowers. However, the bill was created in order to give more stability in the industry so that borrowers can never be taken advantage of. Other states have created payday loan laws which wipe lenders off of the map. This is not the intention of this short term loan bill. Others would like to see a 36 percent cap with a three month minimum to repay these short term loans which may help to keep costs down while also letting cash advance lenders to stay in business.

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