cash advances

Politics
4:27 pm
Mon June 17, 2013

Gov. Nixon considering cash-advance bill

Gov. Jay Nixon
Credit File Photo / KBIA

People running short of money could have a new alternative for getting some quick cash under legislation pending before Democratic Governor Jay Nixon.

The bill would make it profitable for Missouri-based banks to offer short-term cash advances, similar to payday loans.

Some nationally chartered banks already offer the short-term loans with fees of about $50 on a $500 loan. Missouri law had allowed such loans, but the Missouri Bankers Association says that few banks offered them because the law set the maximum fee too low.

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Politics
8:26 am
Mon June 17, 2013

Gov. Nixon considers bills on cash advances, abortion

Credit File Photo / KBIA

New legislation pending before Gov. Jay Nixon could give people running short of money a new alternative for getting some quick cash.

A bill would make it profitable for Missouri-based banks to offer short-term cash advances, similar to payday loans.

Some nationally chartered banks already offer the short-term loans with fees of around $50 on a $500 loan. Missouri law had allowed such loans, but the Missouri Bankers Association says that few banks offered them because the law set the maximum fee too low.

Read more