- SMS
The payday loan industry has been shrinking for years in Missouri, home of some of the most relaxed consumer lending laws in the nation.
Following the Legislature changed the state’s usury legislation allowing high-interest payday loans in Essex, short term installment loans in the 1990s, storefronts began showing up across their state. By 2005, there were 1,335 licensed lenders running.
Today, you can find 653. The 1.62 million loans applied for year that is last in accordance with a current state study, had been a tad bit more than 1 / 2 of just what it absolutely was ten years prior to.
Element of that decrease is just a change to various forms of loans. Numerous payday lenders haven’t closed — they now concentrate on installment loans. [Read more…]