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Cities, Lenders Resume Battle Over High-Interest Loans

Cities, Lenders Resume Battle Over High-Interest Loans

Bill Before Missouri Gov. Mike Parson Would Undermine Municipal Regulations

Barbara Shelly

Posted May 28th, 2020 at 6:00 AM

Above image credit: Abby Zavos worked difficult to pass an ordinance managing high-interest lending in Liberty, but fears her efforts is going to be undercut. (Barb Shelly | Flatland)

Tower Loan in Liberty is sandwiched in a strip shopping mall, a payday lending store on its left and an income tax planning workplace on its right.

It provides cash that is quick few questions expected. It really is 1 of 2 companies suing Liberty within the city’s attempt to suppress high-interest financing. And, and also other installment lenders, Tower Loan are at the biggest market of issues about a bit of legislation presently sitting regarding the desk of Missouri Gov. Mike Parson.

In the Friday leading up to the Memorial Day week-end, Jeff Mahurin invested just a short while inside the Liberty branch workplace. “I became just settling the thing I owed, ” he said. “I got my stimulus check. ”

Mahurin, that is in a jobs program that is training stated he took down that loan in October after their spouse ended up being hurt on the work and additionally they had been in short supply of money to cover bills. He stated he borrowed $2,000 and thought he paid less in interest than he could have by funding acquisitions on credit cards, that he doesn’t have actually.

But percentage that is annual prices at organizations like Tower can simply go beyond 100% and therefore are a lot higher than exactly what a bank or credit union would charge.