University of Missouri
State Report Shows Persisting Difficulties With Predatory Lending, MU Expert Says
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COLUMBIA, Mo. – The Missouri Division of Finance’s 2011 Payday Lender General Assembly Report implies that even though the final amount of payday loan providers in Missouri has dropped almost 20 % since 2009 and much more than 30 % since 2007, the typical rate of interest of every loan has risen up to 445 apr (APR). Brenda Procter, a University of Missouri Extension expert when you look at the university of Human Environmental Sciences and a predatory nearest allied cash advance financing specialist, states why these pay day loans can be quite harmful up to a persons’ finances.