Editor's choice: OppLoans Installment Loans
- APR starting at 4.66%
- Funding as soon as the next business day
- Accepts fair credit
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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.
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.
You have the right to cancel your loan before the end of the following business day.
Missouri payday loans are high-cost forms of credit. Here are the possible fees a lender may charge when you borrow.
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.
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
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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