What could be so tempting to make a man quit his job in the Missouri General Assembly a year early?
What about “a 9-to-5 job” for a payday lending giant. That’s what Brian Yates is going to do, moving from one field with a bad reputation to a field that deserves a worse reputation.
QC Holdings (“Quik Cash”) appears to have a valuable team member. We’ll keep our eyes open and report back when he becomes a lobbyist for the free market tradition of extreme interest rates. (The United Payday Lenders of Missouri (which QC is a member of) have two lobbyists)
The STL Better Business Bureau said that “Missouri accounted for 30% of QC Holdings’ total branch gross profits last year” and that
“Among the nine contiguous states, only Tennessee has more payday loan locations (1,481) than Missouri (1,275) with the next highest being Kentucky with 785, according to the Division of Finance’s report. The report also shows that the APR allowed by Missouri’s statutes of 1,950% based on a two-week loan of $100 is by far the highest of the nine contiguous states”
When they say Payday, they mean “payday for them”, not you. And if the Republican Legislature actually moves to help people out (which is unlikely), QC can roll out at least one employee who knows his way around the place.
BTW, the Special Election will likely be held on April 6th because Yates resigned too late for a February Special election. Although this is actually a slight financial win for the area since it’ll be held concurrently with Municipal Elections in Lee’s Summit.
An extra two months is good news for taxpayers and for likely Democratic candidate Dave Coffman.
We’ll keep you posted on this story.