Missouri payday loan providers move to installment loans

Missouri payday loan providers move to installment loans

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Payday financing amount in Missouri has declined notably in the last few years, based on a state study released this thirty days.

The survey would appear to be good news to consumer groups that are fighting to limit the availability of high-interest, short-term loans on first appearance. The loans are argued by them lure cash-strapped borrowers into rounds of debt.

However the study figures paint an incomplete photo.

While pay day loan volume as well as the true wide range of pay day loan storefronts have actually dropped, the amount of customer installment loan providers has surged. (more…)