Protesters Looking for Change from Payday Loan Companies

OzarksFirst.com
March 17, 2010
Schwaller, Kevin

More than a dozen people protested predatory lending outside of a Springfield, Mo., branch of Advance America -- a payday loan company -- on March 17. They were there to warn potential borrowers of annualized interest rates of more than 430 percent and stop them from repeatedly falling prey to the fast-cash arrangements. One protester had a personal interest in attending the demonstration. The 86-year-old man said his son forfeited ownership of his vehicle after taking out a payday loan bearing higher than 200 percent interest. "He couldn't pay that kind of interest," explained Melvin Miller. "Somebody has to stand up for people that are getting ripped off." Democrat sponsors are trying to push such legislation through at the state level, and Reps. Charles Noor and Sara Lampe plan to hold a hearing about the issue on March 18. Such legislation does face opposition from a Republican-dominated legislature, however.
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