Great news on "payday loan" outlets

Great news last evening when I saw that a local organization is pushing to get a payday loan law passed for the state so they can be regulated, in the first place, but also so the highest interest rate they can charge isn't 400 percent or even up to 1,950 percent. Yes, right now all that is possible and it's disgusting. It preys on the poor. From KCTV 5 News: KANSAS CITY, MO (KCTV) - A grassroots group of community and faith leaders announced Tuesday that they will ask Missouri voters to approve a measure capping the rate of interest charged on payday loans. The group, which is calling itself Missourians for Responsible Lending, hopes to have the measure placed on the November 2012 ballot. Missouri has among the weakest laws and regulations in the United States. In Missouri, the storefront lenders can charge as much as 1,950 percent interest. In Missouri, the average interest rate for a payday loan is 445 percent annually. What it boils down to is, folks, we all need to get behind this law, help get the signatures and get this on the ballot and then vote for it so it passes. "Usury" used to be against the law. This kind of abuse should be. Link: http://www.kctv5.com/story/15238754/group-aims-to-get-missouri-voters-to-cap-payday-loans