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Why the cash advance industry is declining in Missouri

Why the cash advance industry is declining in Missouri

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The payday loan industry has been shrinking for years in Missouri, home of some of the most relaxed consumer lending laws in the nation.

Following the Legislature changed the state’s usury laws and regulations to permit high-interest, short term installment loans when you look at the 1990s, storefronts began showing up across their state. By 2005, there have been 1,335 licensed lenders running.

Today, you can find 653. The 1.62 million loans applied for year that is last in accordance with a current state study, ended up being a tad bit more than 50 % of just what it absolutely was a decade prior to.