State prohibits on-site nursing home payday loan operations
Missouri has informed nursing home operators they no longer will be able to operate on-site payday loan operations that lend money to employees.About 60 nursing homes around the state currently operate payday loan operations in their facilities, according to a release from Gov. Matt Blunt (R).
Payday loans typically charge "exorbitant" amounts in interest to lenders, he said. Employers should not profit from the wages of "hardworking long-term employees," he said.