Petition seeks to cap interest on payday loans

Limits on payday loan operations are proposed in a new petition certified for statewide circulation. A group called Missourians for Responsible Lending wants to limit payday loans to 36 percent interest — the same limit the federal government puts  on loans to military families.  Leaders of the petition effort say payday lenders charge more than 400 percent on an annual basis although the payday loan says that’s a misleading figure.