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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Get a convenient payday loan, installment loan or line of credit with fast funding, depending on your state of residency.

• Loan Amount: Varies by state
• Turnaround Time: As soon as 1 business day
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• No hidden fees or paperwork
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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.

These lenders offer payday loans

Check the websites of any providers you’re interested in to confirm they operate in Missouri.

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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...
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...
OppLoans Installment Loans		Installment loans with competitive rates from a top-rated direct lender.	$5,000	1 business day	Open to residents of AL, AK, AZ, CA, DE, FL, GA, ID, IL, IN, KS, KY, MI, MN, MO, MS, NE, NV, NM, OH, OK, OR, SC, TN, TX, UT, VA, WI and WY. Must have direct deposit and meet minimum income requirements.	Go to site More	Compare	loading Fetching your data...
HonestLoans Installment Loans		Get a flexible installment loan with fast funding through one easy online application form.	$2,500	As soon as one business day	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.	Go to site More	Compare	loading Fetching your data...
NetCredit Installment Loan		Build a positive credit history with on-time payments and flexible repayment terms. Check your rate without affecting your credit score.	$10,000	1-3 business days	Must be 18+ years old, a legal resident of the US and have a Social Security number. Minimum credit score of 550.	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...
MaxLend Installment Loans		Get up to $1,000 as a first-timer, with loans of up to $2,000 and lower APRs for repeat borrowers.	$2,000	As soon as the next business day	Must be at least 18 years old and a US citizen, have a valid bank account and provide a verifiable source of income.	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.