Missouri Court of Appeals, Western District / Apr 12, 2022
MM Finance, LLC, d/b/a EZ Money Check Cashing vs. Andrea I. Rose
MM Finance, LLC, appealed a judgment from the Caldwell County Circuit Court regarding a collection petition on a consumer loan promissory note. The trial court had awarded prejudgment and post-judgment interest at the statutory rate of 9%, finding the contract rate of 360% usurious. The appellate court reversed and remanded, holding that the 360% contract rate was permissible for both prejudgment and post-judgment interest under Missouri's consumer installment loan statutes, which exempt such loans from general usury limitations.