KANSAS CITY, Mo. - Missourians could decide in November if the interest rate on payday loans bails out or bankrupts the people who get them.
Petitioners want to lower the interest rates on payday loans. They argue Missouri has some of the loosest laws in the nation. Thousands of people have signed petitions to get interest rates on short term loans capped at 36 percent, the federal government's estimate of a fair rate. Payday loan companies in Missouri can now charge as much as 1,950-percent interest.
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