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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.

CashNetUSA Loan

CashNetUSA Loan

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
  • Simple online application
  • No hidden fees or paperwork
  • Dedicated customer service
  • Confidential and secure

    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.

    Rates last updated November 20th, 2017
    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 Maximum Loan Amount Term of Loan Turnaround Time Requirements
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    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
    Varies by lender
    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.
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    $4,000
    9 to 36 months
    1 business day
    Open only to residents of AL, CA, DE, GA, KS, ID, IL, MO, MS, NV, NM, OH, SC, TN, TX, UT, VA and WI. Must have direct deposit to demonstrate sufficient monthly income.
    MoneyKey-arranged or MoneyKey Installment Loan
    *Apply for money when you need it and receive your funds in as quickly as one business day.
    $1,000 (unless otherwise stated)
    Varies by state
    1 business day*
    You must be a permanent US resident or citizen, at least 18 years old, and have regular income.
    HonestLoans Installment Loans
    Get a flexible installment loan with fast funding through one easy online application form.
    $2,500
    Varies by lender
    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.
    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
    Varies upon state
    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.
    Blue Trust Loans Installment Loans
    Get an installment loan from an online tribal lender. Perks for returning borrowers.
    $2,000
    6 months
    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.

    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.

    Frequently asked questions

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

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

    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.

    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.

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

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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,

      • Staff
        ArnoldOctober 11, 2017Staff

        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?

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    OppLoans Installment Loans

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