- Exorbitant interest rates are purrfectly legal under current Missouri laws.
a little while back about the fake payday-loan reform currently creeping through the Missouri Senate. The very fact that lobbyists for the payday-loan industry (a vile bunch
) support this legislation should tell you all you need to know, but the highlight (lowlight) of SB 694 is that it eliminates caps on interest rates on payday loans (the current sky-high cap of 1,950 percent being apparently too low).
Today, in honor of April Fools Day, the tireless and consistently whip-smart community organization Communities Creating Opportunity has revamped its "Issues" page to explain just how disastrous Missouri's payday-loan laws are. And it is doing so in a Buzzfeed-like way, via cat gifs.
We highly recommend checking it out, which you can do here.