Up to Date
6:00 pm
Tue August 6, 2013

Payday Loans Elude Stiffer Regulation In MO

Short-term lenders make big profits in Missouri. QC, which mostly does business as Quik Cash, has 101 outlets in Missouri and in 2012, one-third of the company's profits came from the state, twice as much as from California, its second-most profitable state.
Short-term lenders make big profits in Missouri. QC, which mostly does business as Quik Cash, has 101 outlets in Missouri and in 2012, one-third of the company's profits came from the state, twice as much as from California, its second-most profitable state.
Credit Wikipedia Commons

Paul Kiel joins Steve Kraske to talk about payday loans in Missouri.
Paul Kiel joins Steve Kraske to talk about payday loans in Missouri.
Credit Lars Klove/propublica.org

Payday lenders are notorious for their sky high interest rates, and the people who use these storefront creditors are oftentimes the ones least able to pay.

In the first part of Wednesday's Up to Date, Steve Kraske talks with ProPublica reporter Paul Kiel about the situation in Missouri, where attempts to regulate these businesses—such as capping interest rates—keep getting defeated.  

Read Paul Kiel's article: The Payday Playbook: How High Cost Lenders Fight to Stay Legal.

Paul Kiel's coverage of the foreclosure crisis at ProPublica won a 2011 Scripps Howard Award for business/economics reporting and a Best in Business award from the Society of American Business Editors and Writers. He’s produced stories for the Washington Post, USA Today, Slate, and American Public Media’s Marketplace, among others. Before joining ProPublica in 2008, Kiel wrote for TPMmuckraker, Talking Points Memo's investigative reporting blog. TPM's coverage of the firings of U.S. attorneys and politicization of the Department of Justice won a George Polk Award for legal reporting.

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