The Fate of Payday Stores Rest on The Hands of The People
The Fate of Payday Stores Rest on The Hands of The People
Due to the increasing problems that the State of Missouri is facing with payday loans the Missouri Supreme Court has decided on their hearing last July 31 to put the fate of these lenders to the voters of the state on November. This decision has pleased the State Representative of Columbia, Mary Still and two other politicians who called this decision a triumph for the populace of the state.
A 36 percent limit on the interest charges will be adapted for payday loans if ever the issue will be approved in November. Currently the average interest rate according to Branson Wood is 445 percent in Missouri. Wood believes that the issue will definitely be approved by the voters since it is beneficial to both parties in the state. Many of the state’s leaders are supportive to it; among them are Katie and Branson Wood. They believe this will be beneficial of the people of the state and the economy as well.
Payday loans in Missouri have high interest rates and soon, there will be an end to them. The Woods and Still are actively campaigning on their petition by the issue; and now, only the appropriate signatures are needed so that the State Secretary’s signature can be verified and the issue will be solved.
Law makers are confident that the signatures will not be a problem for they were able to get 180,000 of them which are double than the number they were required. The Supreme Court’s decision is now quoted by the masses as “a victory for Missouri consumers and the Missouri economy,” according to Still.
After the Circuit Judge Jon E. Beetem hadrejected the balloting for the issue, Branson Wood appealed the case to the Supreme Court and they were pleased that it has approved their call.
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Filed under: Loans • loans for people with bad credit • payday loans
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