Thursday, April 01, 2010

List #34: 7 Facts about Payday Loans in Missouri and Kansas

#1) In 2008, Missouri residents took out over 2.83 million payday loans.
#2) The average loan issued in Missouri in $290.
#3) The average APR (including fees) for payday loans that originate in Missouri is 431%.
#4) Missouri law permits payday lenders to charge up to 1,950% APR on their loans.
#5) Of the 80% of payday loan borrowers who use payday loans on a regular basis, 87% of loans are opened within two weeks of having repaid the previous loan.
#6) When I moved to Kansas City in 2003, there was one (or maybe two) payday loan lenders on Metcalf between 74th Street and 83rd Street.
#7) Today there are six payday loan lenders on Metcalf between 74th and 83rd.

In my next post, I will explain the reason for this list.