Academic business

Stronger rules for Springfield payday lenders could come

With their hands tied when it comes to capping interest rates, payday lenders can charge – something only Missouri lawmakers could do – Springfield City Council members are considering create an ordinance that would change the way lenders can operate.

The council’s finance and administration committee met on Wednesday to hear from advocates for change, including a Springfield woman who says her family has been caught in the “payday loan trap” for more than two years old and Cara Spencer, a Saint-Louis city councilor.

Over a year ago, voters in St. Louis approved an order requiring payday lenders to clearly state the amount of interest and the actual cost of a $ 100 loan over time, Spencer explained. to the committee.