Stand Up Missouri Coalition Launches to Rally Against State Payday Loan Ballot Initiative
Coalition Aims to Protect Access to Safe and Affordable Lending Options in Missouri
JEFFERSON CITY, Mo., Dec. 7, 2011 /PRNewswire-USNewswire/ -- Today, Stand Up Missouri, a non-partisan coalition which represents consumers, businesses, civic groups, and faith-based organizations from across the state launched its initiative to protect access to safe and affordable traditional installment loans and to oppose the Missouri Payday Loan Ballot Initiative. The coalition strives to educate Missourians about traditional small-dollar installment loans, which will disappear if the ballot initiative passes.
"Missourians are being asked to sign a petition for a ballot initiative that would cap lending rates. While the initiative is being reported as an effort to protect consumers from payday loans, it would actually restrict access to all small loans, including beneficial traditional consumer installment loans. These traditional loans help individuals and families get access to safe and transparent credit in a way that enables them to preserve their financial security," said Tom Hudgins, CEO and Chairman of Stand Up Missouri. "These traditional loans also support small businesses by providing borrowers with the funds they need to purchase the businesses' products and services. Stand Up Missouri is working to educate Missourians on the facts so they can make informed decisions and protect their best interests as the ballot petition travels throughout the state."
Americans have relied on traditional installment loans as a safe and affordable option for personal and household credit for over 100 years. These loans, which are not payday loans, have historically given Missourians the ability to build financial security and to help individuals and families stave off financial distress when the need for credit arises. They represent a particularly important credit option during times of economic uncertainty. Traditional installment loans keep local businesses afloat during tough economic times. For consumers, they help protect household budgets and allow families to meet larger expenses or to acquire important household items when needed. The proposed ballot to cap the interest, fees, and charges for payday loans would ultimately eliminate all small-dollar loans in the state and has the potential to further devastate local economies, which are already stressed in the current climate.
Stand Up Missouri is encouraging all Missourians interested in preserving access to responsible credit to get more information, join the coalition, and spread the word. In the upcoming months, the coalition will host several rallying events throughout the state, where residents can learn more while participating in family-friendly activities.
For more information on Stand Up Missouri, please visit www.standupmissouri.org.
About Stand Up Missouri
Stand Up Missouri is a non-partisan coalition representing consumers, businesses, civic groups, and faith-based organizations from across the state who have come together to protect access to safe and affordable lending options. For over 100 years, Americans have relied on traditional installment loans as a safe and affordable option for personal and household credit. In these times of great economic uncertainty, it doesn't make sense to eliminate or reduce access to the credit provided by these important loans.
If the lending cap ballot initiative passes, it will hurt individual Missourians, families, and the state economy, and it will result in lost jobs and millions of dollars in lost revenue for businesses across Missouri. Stand up Missouri is working to educate Missourians about their right to informed credit choices and continued access to safe and affordable loans.
Stand Up Missouri does not represent payday lending or payday interests.
SOURCE Stand Up Missouri