If you’re a resident in Springfield and need some extra money, consider taking out a payday loan.
In Springfield, residents may find themselves needing extra funds from time to time. If you’re in this situation and are considering a short term loan, go through this guide first to find out about payday lending in this city.
What Missouri laws impact Springfield?
Payday loans are legal throughout Missouri. All payday lenders in Springfield have to adhere to Missouri Revised Statutes 408.500 to 408.506. These laws also apply to out-of-state lenders that provide online loans to residents of Springfield.
You’re able to borrow $500 for terms lasting between 14 to 31 days. Lenders are allowed to charge up to 75% of the full loan amount in the form of fees and interest. This means that every for every $100 you borrow, you may be able have to pay $75 in fees.
Compare these lenders for a payday loan in Springfield
Why a payday loan in Springfield might work for you
- Bad credit is OK. Unlike banks and credit unions, payday lenders don’t base their decision solely on your credit history. They instead base their decision on your current financial situation and employment.
- Plenty of options. A number of payday lenders have stores in Springfield. In addition, there are multiple lenders that limit their business to the internet, so don’t hesitate compare your rates when looking for a lender.
- It’s easy to apply. Whether you apply online or in-store, the application process should take no more than a few minutes. You can learn if you’ve been approved within an hour in most cases, and for online applications, you might know in just minutes.
Cliff needs to get a new fridge
Cliff was nearing the end of the month when the fridge in his house broke. He’d already paid his mortgage for the month as well as most of his other expenses, but he couldn’t last another three weeks until his next paycheck with what was left over. He couldn’t use his credit card to pay for the new fridge because it was just about maxed out. Getting a personal loan wasn’t an option because of his bad credit.
Cliff decided to apply for a $500 payday loan, which would need to be repayed in 21 days on his next payday.
Cliff set up checking account withdrawals so the lender could debit the payment due on the due date. Along with the principal, Cliff needed to repay $85 in fees. The payment went through as planned, which meant Cliff didn’t owe the lender any more money.
What you need for a payday loan in Springfield
You won’t need much when you want to apply. Although all applications are different, you should expect to give the lender your Social Security number, information about your employment and income, your contact information and your checking account details if you apply online.
Before you apply, remember that most lenders require you to be at least 18 years old, have a regular source of income and be a citizen or permanent resident of the US.
Payday loan locations near you in Springfield, Missouri
Payday loan offices in Springfield
- Speedy Cash. 2949 S National Ave, Springfield, MO 65807
- Advance America. 2639 N Kansas Expy, Springfield, MO 65803
- Check Into Cash. 1929 E Independence St, Springfield, MO 65804
- Jerry’s Payday Loans. 1700 S Campbell Ave g, Springfield, MO 65807
- Check ‘n Go. 1448 E Kearney St, Springfield, MO 65803
How much will a payday loan cost?If you decide to take out a payday loan of $500 at the maximum rate of 75%, you’ll have to pay back $375–bringing the total cost of your loan to $875.
Since lenders are required to disclose how much your loan will cost before you sign the contract, read it carefully. The fine print to learn the fees you’ll need to pay.
Missouri has one of the highest annual percentage rates (APRs) in the country, so keep that in mind when you’re looking for a lender.