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Payday Lenders Ramp Up from Confusing to Outright Lying

They're getting desperate, what can I say?

Jacob Fenston, reporter for KBIA, was chatting up some people with petitions. They claimed to be advocates for capping Payday Lending interest rates, but were actually trying to illegalize any such limit.Who were these women? I wonder if anyone in Missourians for Equal Credit Opportunity (our favorite out-of-state banker front group) knows them...

From KBIA:

While Missourians for Equal Credit Opportunity is fighting to defeat the 36 percent cap, it is supporting two other initiatives with strikingly similar language, but that would have no effect on the industry.

Activists say it's a tactic to confuse voters.

I found two women gathering signatures for these initiatives recently in Columbia. I didn't tell them right away that I was a reporter, but asked what they were gathering signatures for.

"It's to allow voters to be able to decide whether or not they want a cap put on payday loans. It's an initiative to get on the ballot so we can vote on it."

"What's the payday loan cap?" I asked.

"Right now it's at 41, they want to put it at 36," she said.

She made it sound like I would be signing up for capping interest rates on payday loans. But the petition she showed me would instead amend the state constitution banning any such interest rate cap. When I told them I was a reporter and asked who they were working for, they said they couldn't talk to the press.

(Emphasis added)

Read cover at KBIA's website. Scroll down a ways for the good stuff and all.



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