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.