Cap the Rate

Cap the Rate on payday loans from their average interest rate to a reasonable 36%, which is recommended by the Federal Deposit Insurance Corporation (FDIC). When families fall behind because of an unexpected crisis, they should not be held hostage to predatory lending terms.

Cap the Rate to restore our families.

  • Payday lenders target Missouri's working class families, charging an average annual percentage rate (APR) of 445%. That's one of the highest averages in the nation, and it's 26 times the interest rate cap in Arkansas, where lenders can't charge more than 17%.
  • 90% of the payday industry's profits come from trapped borrowers. Families pay fees upon fees upon fees, lining the pcokets of predatory lenders in exchange for what was advertised as a quick fix. In reality, it is a stepping stone toward bankruptcy.
Cap the Rate to restore our communities.
  • Payday lenders have saturated neighborhoods throughout the state, offering cheap cash and keeping the residents there mired in debt. There are now more payday lenders in Missouri than McDonald's and Starbucks combined.
  • These predatory lenders concentrate in our most vulnerable communities, decreasing local property taxes and exacerbating neighborhood blight.
Cap the Rate to restore our economy.
  • Large out-of-state corporations saddle working Missouri families with high-cost, long-term debt that does nothing to support our local economies.
  • By charging our Missouri families triple digit interest rates, payday lenders drain hundreds of money that could be spent investing in our neighborhoods, building savings accounts, meeting basic needs, and rebooting the economy.
Get in touch with us to find out how you can Cap the Rate for your community.