Predatory Loans are bad for Missouri and our people. The members of the Jackson County Democratic Committee call for real payday lending reform.
Tuesday, February 7, 2012 the members of the Jackson County Democratic Committee passed the following resolution in support of a responsible lending rate:
“We, elected leaders of the Democratic Party, support the initiative to cap Payday Lending Rates from the current 1950% limit and 445% average to a reasonable rate of 36% rate recommended by the FDIC. 36% is the rate supported by Republicans and Democrats in Congress to be charged to members of our Armed Forces and it should be no different for Missouri families who fall behind because of an unexpected crisis and are being held hostage by predatory payday loan lending companies. We, therefore resolve to support the efforts to cap lending rates and support more responsible lending in the State of Missouri.” These Predatory Lenders are out of control. In Missouri we are home to more predatory lending companies than 8 of our 9 surrounding states. These lenders charge an average of 445% interests on these loans. They can charge as high as 1950% interests. Capping the fee at the recommended rate by the FDIC is the responsible and moral thing to do.
We ask you to join us, and are encouraging all of our Democratic Friends around the state to endorse this resolution.
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