Payday loan lenders in Missouri will continue to loan to the residents under loose state regulations. Missourians for Responsible Lending, the group behind the petition, was not able to come up with enough signatures to put the petition on the ballot this November. There was another petition, to raise the minimum wage, led by Give Missourians a Raise which also fell through with getting the proper amount of signatures.
Missourians for Responsible Lending had enough signatures for five out of the six districts, but lacked 270 signatures in the first district. When parties do not receive enough votes nor have too many signatures disqualified, there is a 10 day period to file a legal challenge to have the disqualified signatures reviewed. A signature will be disqualified from a ballot if it is not legible or does not belong to a registered voter. Both groups will be filing the challenge with the belief that election officials in St. Louis improperly threw out hundreds of signatures.
The petition from Give Missourians a Raise was geared towards doing just that by looking to raise the minimum wage to $8.25 by 2013 given increase based on cost-of-living adjustments and federal law wages. The petitions missed the signature quota by just under 2000 signatures.
Payday loan interest to remain the same
As of now, the fact that the payday loan petition will not be on the ballot will keep interest rates the same. This group behind this petition was in hopes to cap the interest rate at 36%. This cap would limit payday loan lenders and also those who do car title loans.
Opponents of the payday loan cap measure are pleased that this credit option will remain to be intact for Missourians to have this option to make ends meet. Payday loans are short-term loans which are used when too many unexpected fees happen all at once. This loan will bring relief to the borrower till they receive their next paycheck. The full balance of the loan plus fees are due upon receiving that paycheck which will keep the low cost payday loans preventing debt problems. The high interest attached to these loans, which is the basis for the petition, only comes into play when a loan is not paid off on time.
The groups have not given up on their petitions. It still remains to be seen as to whether or not filing a complaint will get them on the ballot this November. If the ballot does contain these initiatives, Missourians will have the opportunity to pass or reject the initiatives with their ballots.
Spotya! Online Payday Loans follows all state regulations. Most often, the interest rate on Spotya.com payday loans is lower than most of the competition. States have the right to protect their citizens and companies who want to do business with them are expected to follow the rules. Finding a responsible lender is the first step in taking out an online payday loan. It is good to have choices when other options, like banks or credit unions, are not available to the individual. Many people turn to payday loans online because there is no credit bureau check into the past.
