[Springfield, MO] – Local advocates and consumers gathered outside Advance America, 1773 S Glenstone today, Wednesday, March 17, to protest financial abuses by payday loan companies. Advance America is the nation’s largest payday lender and is actively opposing reform of its industry.
As the Senate takes up financial reform, lobbyists from the payday loan industry have kicked up their lobbying efforts to make sure that companies that make short-term cash loans are excluded from regulation by federal financial reform legislation. In state capitals around the country, payday companies have been fighting over 100 pieces of legislation aimed at safeguarding borrowers from high interest rates and from falling into excessive debt.
“Companies like Advance America are taking advantage of the crises that consumers are facing during the recession. Most of the loans that consumers take out are emergency loans – to pay the rent or to keep the heat on. But then these same people are paying 430 percent interest on a $100 loan. The past couple of years, we’ve seen so many people who are in financial crisis. But not these payday loan companies –they are thriving and they are going to spend what it takes to protect their outrageous profits,” said organizer of the event, Kay Mills.
The event got considerable media attention, including on these websites: