The debate ensued throughout Tuesday night over whether payday loans should be capped in Missoula, Mt. The controversial ballot discussion was held by the League of Women Voters at the Missoula Public Library.
Initiative 164 would allow payday loans to be capped at around 36%; compare that to the average 400% APR on a payday loan. This type of lending is sometimes referred to as “predatory” are considered by many to be loan sharks online.
This I-164 will be put into place to protect Montana’s low income and senior population.
I too believe that this act needs to be instituted to protect those who are in need. I’m glad people are starting to step up to the plate to help those who need it most.
You can find the original article here
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