Monday night representatives from around the state met in Columbia to talk about Payday loan reform.

State Represetnatives Mary Still and John Burnett held a district legislative hearing to talk about Payday reforms.

This year they co-sponsored a bill that would limit interest rates for Payday businesses.

Monday night the Better Buisness Bureau, religious groups and other advocates spoke in favor of the reform. The average loan amount in Payday Loans is about 300 dollars. According to the Missouri Division of Finance, Payday Lenders charge an average interest rate of more than 430 percent.

There are more than 1300 licensed Payday lenders in Missouri. Missouri law allows six loan rollovers, but neighboring states don't allow even one rollover. An individual representing the Payday Loan industry says Payday loans are still better alternatives to banks, but many at the meeting disagreed.