Here’s what you need to know about payday lending in Missouri

Payday loans can help you quickly get money to cover an emergency expense or late bill. If you live in Missouri and are considering borrowing a payday loan, this guide will help you learn the ins and outs of the laws lenders must abide by.

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• Min. Loan Amount: $500
• Max. Loan Amount: $2,600
• Loan Term: 4–30 months, varies by state
• Turnaround Time: As soon as 1–2 days
• Must have an active checking account, regular source of income and email address.

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How to payday loans in Missouri work?

Payday loans are governed by Missouri Revised Statututes §§ 408.500.1 et seq. All lenders must be licensed by the Missouri Division of Finance, and the law requires Missouri payday loan providers to provide borrowers with all the relevant information prior to disbursing the loan.

• Maximum loan amount: $500
• Maximum loan term: 31 days
• Minimum loan term: 14 days
• APR: The APR on a 14-day $100 is 1950%

You have the right to cancel your loan before the end of the following business day.

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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.	Go to site More	Compare	loading Fetching your data...
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.	Go to site More	Compare	loading Fetching your data...
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.	Go to site More	Compare	loading Fetching your data...
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.	Go to site More	Compare	loading Fetching your data...
LendYou Short-term Loans		Apply online with this loan-connection company offering unrestricted short-term loans at high maximums — fast turnaround.	$15,000	1 business day	You must be a US citizen or permanent resident, age 18+ and have a regular income.	Go to site More	Compare	loading Fetching your data...
Blue Trust Loans Installment Loans		Get an installment loan from an online tribal lender. Perks for returning borrowers.	$2,000	As soon as next business day	Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.	Go to site More	Compare	loading Fetching your data...
Slam Dunk Loans		Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.	$2,500	As soon as next business day	Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.	Go to site More	Compare	loading Fetching your data...

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How much will a payday loan in Missouri cost?

Missouri payday loans are high-cost forms of credit. Here are the possible fees a lender may charge when you borrow.

• Financing fees: 75% of the initial loan amount–this includes all interest and other fees
• Collection fees: Lenders may charge a reasonable non-sufficient funds (NSF) fee if you fail to repay
• Default charges: Court costs and reasonable attorney fees

Want to apply for a payday loan in Missouri?

Whether you apply online or in-store, you should be at least 18 years old, be an American citizen or permanent resident and have a regular source of income.

Lenders usually require you to supply some personal information in order to confirm your identity and disburse your loan. This includes your Social Security number and details from a valid form of ID. You’ll also have to discuss your monthly income and some details about your employment, and if you’re applying online, lenders will request access to your personal checking account.

What should I consider before getting a payday loan?

If you’re having trouble paying bills, you might want to consider applying for federal or state food stamp programs and the Low Income Home Energy Assistance Program (LIHEAP) if you have trouble heating your home during the fall and winter.

Other options you might want to consider are

• Consolidate your debt. If you have multiple loans taken out and are struggling to pay them down because of high interest payments, taking out a larger personal loan to cover it can help you budget and lower your interest.
• Consider a credit card cash advance. If you have a credit card, you can cash out the remaining balance on your line of credit. These have high interest but longer terms than a payday loan so you have more time to pay back what you borrow.
• Ask your family and friends. Your loved ones may be willing to help you with an emergency bill if you ask. Remember that this is still a loan and you should pay it back as quickly as you can to avoid hurt feelings.

There are some other options before you borrow

Bottom line

If you need money, a payday loan might seem like a good option. They can cover an emergency or a large bill, but the laws in Missouri are quite lax. You’ll want to read the entire loan contract before you accept a loan to avoid having to pay extra fees should you miss a payment.

Frequently asked questions

• Can I take out more than one loan at the same time?

  You can borrow $500 from any one lender at a time.

• What is the maximum number of rollovers I can get?

  You can roll over your loan six times provided you reduce the principal amount by at least 5% upon each renewal.

• Is there a cooling off period before I can apply for another payday loan?

  Missouri law doesn’t require you to take out a payday loan, but it’s a good idea to take a break between payday loans to avoid taking on extra debt.

• What happens if I cannot repay my loan on time?

  There are no repayment or installment plan options available in Missouri. While the lender cannot pursue criminal action against you, if you default on your loan repayment, you will be responsible for paying back the full amount of the loan, all interest and fees, plus collection fees, including reasonable attorney’s fees and court costs.

• How can I make a complaint?

  If you have a complaint about a payday lender or want to report an irregularity, get in touch with the Missouri Division of Finance.