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Keep Cash Advances in Missouri
Posted on Wednesday, November 16th, 2019 at 4:34 pm in State Loan Info
Some recently proposed legislation could spell bad news for cash advances in Missouri. A bill that’s under consideration by Missouri lawmakers could chase payday lenders out of the state, limiting constituents’ access to bad credit loans when they need them. The proposed bill would severely limit interest rates on these unsecured cash loans, meaning bigger risk for lenders and less available cash loans for the consumers who depend on them.
Cash advances can be an important credit service for some individuals with limited access to other bank services. If you’ve ever been turned down for a loan or credit card based on some mistakes in your credit history, you know how frustrating and scary it can be to have no access to the services you need. The proposed cash advance legislation in Missouri could harm payday lenders so that they can no longer offer their services to the people who really need them.
Lawmakers and critics often point at payday lenders and call them predatory. It’s true that cash advances carry higher interest rates than other bank services, but it takes an inside perspective to understand why interest rates are higher and how these cash loans still help the population who need them. Cash advances are a type of unsecured credit, which means they are borrowed without requiring any collateral. Loans like mortgages and auto loans have incredibly low interest rates because they’re secured against the collateral of your home or car. If you fall behind on your payments, you lose your house or your transportation. Unsecured loans, like personal loans and credit cards, don’t require collateral but do require applicants to maintain a certain credit score that vouches for their likelihood to make their payments on time. A low credit score indicates some financial troubles and makes you a much greater risk to lenders.
Cash advance providers are willing to take that credit risk in exchange for a higher interest rate. Because they can’t be certain that a customer will repay his loan based on his credit standing, the lenders need to recoup their losses through higher interest rates than bank lenders would charge. However, these interest rates are usually much lower than what a person would end up paying in bank overdraft fees or fees for late bill payments.
Taking away cash advances with severe legislative restrictions takes away access to good credit for a huge number of people. You can take action today and contact your state representative to keep cash advances in Missouri for the people who need them.
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