Preachers Leave Pulpit to Talk Payday Loans | KOMU.com | Columbia, MO |
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JEFFERSON CITY - Faith leaders lobbied at the Missouri State Capitol Tuesday to express their concerns with payday loans.
Metropolitan Congregations United, or MCU, is one of 75 organizations that spoke in Jefferson City. MCU says the outrageous 444 percent annual percentage rate (APR) on some loans exploits vulnerable people in the state.
MCU wants to place a cap on all payday loans. The organization seeks to cap the APR at 36 percent. MCU's payday loans proposal is drawing support from legislation.
"This is something we need to do for our community," said Democratic State Representative Mary Still.
"If 36 percent is good enough for the FDIC a
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