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.

Our top pick: Zaplo installment loan

  • Min. Loan Amount: $500
  • Max. Loan Amount: $1,200
  • Turnaround Time: As soon as the next business day
  • Loan Term: Up to 1 year
  • Requirements: Regular source of income received biweekly or semi-monthly, Missouri or Utah resident, checking account with automatic deposits, not a military service member
  • Transparent pricing
  • Option to qualify for more funds
  • Applying doesn’t affect your credit

Our top pick: Zaplo installment loan

Borrow up to $1,200 — but only if you live in Missouri or Utah.

  • Min. Loan Amount: $500
  • Max. Loan Amount: $1,200
  • Turnaround Time: As soon as the next business day
  • Loan Term: Up to 1 year
  • Requirements: Regular source of income received biweekly or semi-monthly, Missouri or Utah resident, checking account with automatic deposits, not a military service member
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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

Updated October 17th, 2019
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
$1,200
As soon as the next business day
Regular source of income received biweekly or semi-monthly, Missouri or Utah resident, checking account with automatic deposits, not a military service member
Borrow up to $1,200 — but only if you live in Missouri or Utah.
$35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
$5,000
1 business day
Direct deposit, meet minimum income requirements
Comes with the option to change your due date so you won’t fall behind on repayments.
$2,600
1 to 2 business days
Active checking account, regular source of income, email address
Get access to tools to help you plan a career move, make some extra cash or search for a better-paying job.
$50,000
Same business day to 1 business days
Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
Get a flexible installment loan with fast funding through one easy online application form.
$15,000
Same business day to 1 business days
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
$10,000
As early as 1 business day
$1,000+ monthly income after taxes, valid checking account
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
Varies by state
1 business day
Regular source of income, bank account, US citizen or permanent resident, ages 18+
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.

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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