While their hands are tied when it comes to capping interest rates, payday lenders can charge — that is someone only Missouri legislators could do — members of Springfield City Council are considering creating an ordinance that would change the way lenders can operate.
The council’s Finance and Administration Committee met Wednesday to hear from advocates for the change, including a Springfield woman who says her family got caught in the “payday loan trap” for more than two years and Cara Spencer, an alderman from St. Louis.
