Payday loans in Springfield, Missouri | finder.com

Compare your loan options in Springfield, Missouri

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

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: Jora Installment Loans

  • Min. Loan Amount: $500
  • Max. Loan Amount: $2,600
  • Turnaround Time: 1 to 2 business days
  • Loan Term: Varies
  • Requirements: Must have an active checking account, regular source of income and email address.
  • Quick application process
  • Bad credit OK
  • Financial resources

Our top pick: Jora Installment Loans

Installment loans with repayment terms up to 30 months, depending on your state.

  • Min. Loan Amount: $500
  • Max. Loan Amount: $2,600
  • Turnaround Time: 1 to 2 business days
  • Loan Term: Varies
  • Requirements: Must have an active checking account, regular source of income and email address.
Promoted

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 April 26th, 2019
Name Product Filter Values Max. Loan Amount Turnaround Time Requirements
$35,000
As soon as the next business day
Have a regular source of income. Have a verifiable bank account. Be a US citizen. Be at least 18 years old.
See if you qualify for a loan from a range of lenders with high amounts and flexible terms.
$5,000
1 business day
Must have direct deposit and meet minimum income requirements
Installment loans with competitive rates from a top-rated direct lender.
$2,600
1 to 2 business days
Must have an active checking account, regular source of income and email address.
Installment loans with repayment terms up to 30 months, depending on your state.
$15,000
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
$10,000
As early as 1 business day
Must have a monthly income of $1,000+ after taxes and valid checking account.
An online connection service for quick cash loans.
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.
Apply for a short-term loan with an easy online application and dedicated customer service.
$250
generally receive the money the next business day
Be 18+ years of age and have a checking account that can accept electronic transfers.
LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see more details for your state.
Varies by state
1 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.
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.

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.

Frequently asked questions

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

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.

Go to site