Missouri is number 2 in payday loan fees

Missouri made the news in an article titled, “Nursing home payday lenders scrutinized.”

The article is about a two companies that own 62 nursing homes and offer their employees payday loans. The payday loans are then deducted from their paycheck.

Personally, I don’t see what the big deal is, if they’re licensed.

The big news is that a lender can make good money in Missouri. Missouri lenders charge about $317M in fees. This is second, only, to California in payday lending. Missouri is also very favorable when it comes to car title loans and signature, installment loans. It’s also home to 34 online payday loan companies.

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