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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.
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.
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.
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.
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.
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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