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.
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
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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.
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.
Elizabeth Barry is Finder's global fintech editor. She has written about finance for over six years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at the IT Journalism Awards. Elizabeth's passion is writing about innovations in financial services (which has surprised her more than anyone else).
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.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
Can I get a long term loan and how many months to pay it off, and how much,
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
Felon and need cash now where to find bad credit no job no checking?
Hi Charlie,
Thank you for your inquiry.
If you have bad credit history you may want to consider the list of options below:
– Bad credit short term loans
– How to be approved for a $5000 loan with bad credit
I hope this information has helped.
Cheers,
Harold