Payday loans in Springfield, Missouri | finder.com

Compare your loan options in Springfield, Missouri

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You may have plenty of lenders to choose from, but look out for one of the highest APRs in the country.

Springfield is home to a number of payday lenders that offer loans to people who may not have the best credit. But because Missouri allows them to charge high rates for loans, you may be stuck paying hundreds of dollars in interest alone. If you’re in a financial pinch, learn how much you can borrow and compare top lenders in the Springfield area.

LendYou Short-term Loans

For fast cash: LendYou

Find a lender that offers cash advances between $100 and $15,000.

  • Min. Loan Amount: $100
  • Max. Loan Amount: $15,000
  • Turnaround Time: 1 business day
  • Must have regular income of $1,000/month and be a US citizen or permanent resident
  • No collateral needed
  • Bad credit is OK

    Can I get a payday loan in Springfield, Missouri?

    Yes, payday loans are legal in Springfield under the Missouri Revised Statutes 408.500 to 408.506.

    Payday loan amounts are capped at $500, and terms must last between 14 to 31 days. While this is standard for most states, the maximum financing fee is not: Lenders are permitted to charge up to 75% of the loan amount, which equates to an APR of 1,955% for a loan of $100.

    Of course, not all lenders charge the maximum interest rate. Since lenders are required to disclose how much your loan will cost before you sign the contract, read it carefully. This will outline the APR and the amount you have to pay.

    Compare these lenders when considering a payday loan in Springfield

    Rates last updated February 18th, 2019
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Max. Loan Amount Turnaround Time Requirements
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    $5,000
    1 business day
    Must have direct deposit and meet minimum income requirements
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    Jora Installment Loans
    Installment loans with repayment terms up to 30 months, depending on your state.
    $2,600
    1–2 days
    Must have an active checking account, regular source of income and email address.
    CashUSA Installment Loans
    A connection service for quick cash loans up to $10,000.
    $10,000
    As early as 1 business day
    Must have a monthly income of $1,000+ after taxes and valid checking account.
    LendYou Short-term Loans
    Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
    $15,000
    1 business day
    You must be a US citizen or permanent resident, age 18+ and have a regular income.
    ACE Cash Express Short-term Loans
    Quick payday, installment and title loans with no prepayment penalty and a 72-hour satisfaction guarantee. Funds can be loaded on an ACE Elite™ Visa® Prepaid Debit Card.
    Varies by state
    Generally receive the money the next business day
    Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.
    LendUp Payday Loans
    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see more details for your state.
    $250
    generally receive the money the next business day
    Be 18+ years of age and have a checking account that can accept electronic transfers.

    Compare up to 4 providers

    What do I need to apply?

    In general, most lenders require the same basic information. To be eligible, you must have a steady source of income, be a US citizen or permanent resident and be at least 18 years old.

    Beyond that, you should expect to give a lender your Social Security number, date of birth and other sensitive personal information. And if you apply online, you may also be required to enter your checking account details as well.

    Where to find short-term loan locations in Springfield

    Short-term loan locations near me in Springfield, MO

    • Jerry’s Payday Loans. 1700 S Campbell Ave g, Springfield, MO 65807
    • Check ‘n Go. 1448 E Kearney St, Springfield, MO 65803

    Must read: Be cautious of the extremely high APR

    Although not every lender will charge you the maximum interest rate when you borrow, you should still proceed with caution. According to Missouri law, lenders may charge up to 75%. In most states, that amount is capped at 20% or under.

    This makes Missouri one of the most expensive places to borrow a payday loan. For example, a $500 loan with the maximum rate of 75% will cost you $375. That means you may have to pay back $875 by the end of your loan term, which could be as little as 14 days.

    Before committing to a loan with such a high APR, consider your payday loan alternatives first.

    What are my other short-term loan options in Springfield?

    Like payday loans, your other short-term loan options won’t be heavily regulated. So while borrowing for a longer term might relieve some of the financial pressure, you may still end up paying hundreds of dollars in interest.

    • Installment loans. An installment loan is similar to a payday loan, except you’ll repay what you borrow in biweekly or monthly installments. There’s no maximum loan term or loan amount, but there is a minimum term of four months. This means that you’ll have longer to pay back your loan. But remember: the rate is determined by the lender, so you may have to pay a large fee if you want to borrow.
    • Auto title loans. You can borrow up to $5,000 by using your title as collateral for a short-term loan. In fact, auto title loans are slightly more regulated and are governed by the Missouri Pawnbroker Loans Act. It states that lenders may only charge an interest rate of 2% per month, and that your loan must last at least 30 days. Lenders may have additional terms, so check with your lender before you sign a contract.

    Bottom line

    While there aren’t many regulations in Missouri, a payday loan may still be an option if you know what to look for and carefully compare lenders before borrowing. Just be sure you understand the full cost and know your budget can handle it.

    If you’re unsure, check out our guide to payday loans to learn more about the borrowing process.

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    US Payday Loans Offers

    Important Information*
    CashNetUSA Loan

    Apply for a short-term loan with an easy online application and dedicated customer service.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.

    LendYou Short-term Loans

    Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.

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