A Missouri House panel adopted a measure to drop renewals on payday loans and lower the amount of interest borrowers can charge.

Payday loans under current law can be up to $500 and last from 14 to 31 days. Loans can be renewed up to six times.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.