Missouri Passes New Payday Loan Law

The big change here is for payday loans in Missouri.  This new law eliminates rollovers and caps the fee at 35%.  From a pricing standpoint this is not a problem.  The problem is that borrowers can not afford the large balloon payment.  PDL Industry discusses why installment loans work better than payday loans back in 2012.

Most online lenders are already offering installment loans online under the Missouri Consumer Installment Lender license Statute 408.510.  If you’re a store-front lender and want to add installment loans to your tool box, you have options, click here.

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