Payday outlets that are lending the St. Louis area are focused in low-income areas.
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 quick solution of money from the payday lender can look like an idea that is good. Like to save your valuable automobile, feed your kids or make that mortgage repayment? That part shop promising quick money issues its siren call.
In Missouri, though, one pay day loan is seldom sufficient. Interest levels are so astronomical вЂ” they average significantly more than 450вЂ” that is percent to create payment close to impossible.