Payday outlets that are lending the St. Louis area are usually focused in low-income communities.
By Beth OвЂ™MalleySt. Louis Post-Dispatch
About ten years ago, Lavern Robinson got swept up within the payday-loan squeeze.
Whenever bills are mounting up and thereвЂ™s no spot to turn, the magic pill of money from the payday lender can appear to be an idea that is good. Like to save your valuable automobile, feed your kids or make that mortgage repayment? That part shop promising cash that is quick its siren call.
In Missouri, however, one pay day loan is seldom sufficient. Interest levels are incredibly astronomical вЂ” they average a lot more than 450вЂ” that is percent which will make payment close to impossible.