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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.

Jora Installment Loans

Jora Installment Loans

Get an installment loan with a quick application and fast turnaround time.

  • 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.

    How to payday loans in Missouri work?

    Payday loans are governed by Missouri Revised Statutes §§ 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.

    Compare a selection of short-term loans in Missouri

    Rates last updated December 16th, 2018
    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
    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.
    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.
    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.
    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.
    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.

    Compare up to 4 providers

    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.

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    4 Responses

    1. Default Gravatar
      PaulOctober 9, 2017

      Can I get a long term loan and how many months to pay it off, and how much,

      • Default Gravatar
        ArnoldOctober 11, 2017

        Hi Paul,

        Thanks for your inquiry

        A long term loan lasts for a minimum of 12 months. The page above provides you with some options for long term loans in your state. PLease check them out. If you have chosen a provider, please click the ‘go to site’ button.

        Hope this information helps

        Cheers,
        Arnold

    2. Default Gravatar
      CharlieMay 1, 2017

      Felon and need cash now where to find bad credit no job no checking?

    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