JEFFERSON CITY, Mo. (AP) - Opponents of a proposed ballot measure targeting payday and other small loans warn that the measure would limit Missourians' ability to get credit.
The group Stand Up Missouri held a rally Wednesday at the state Capitol to oppose the measure. They say the ballot measure overreaches and would make it impossible to offer installment loans that are safe, responsible and needed.
Several state lawmakers spoke during the rally and explained their opposition to the ballot measure in economic development terms.
Under the proposed initiative, interest, fees and charges for payday, car title and installment loans would be capped at 36 percent. If supporters gather enough signatures, the measure could appear on this year's ballot.
Ballot measure supporters contend high interest rates can make the loans too expensive.