Applying for a short term loan in Missouri can give you quick access to the money you need. Here’s what you need to know.
When it comes to getting money quickly, Missouri residents have a few short term loan options to consider. Payday loans, also referred to as short terms loans or cash advances, can help you get by during a financial emergency. If you live in Missouri and are considering borrowing a small cash loan, this guide sheds light on the important information surrounding payday lending in the state
LendUp Payday Loans
Apply for a payday loan conveniently online and borrow between $100 and $250.
- Min. loan amount: $100
- Loan term: 7–30 days
- Total costs: Depends on your state, loan product, loan amount and the term of the loan.
- Must be 18+ (19+ in Alabama)
- No security deposit needed
- Confidential and secure
- Visit the site to see if available in your state
Are payday loans legal in Missouri?
Yes, payday loans in Missouri are legal, and you can borrow up to $500. Storefront and online lenders providing payday loans must obtain licenses from the Missouri Division of Finance.
The law requires Missouri payday loan providers to provide borrowers with all relevant information in the form of an agreement prior to disbursing the loan. The agreement should include all terms and conditions of the loan in question. You have the right to cancel the transaction by the following business day.
Consider these lenders for a short term loan in Missouri
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
How a Missouri short term loan might help you
Here’s why you might consider getting a payday loan in Missouri:
- Quick access to funds. When you apply online for a payday cash advance, you can expect to receive the funds by the next business day. If you apply at a storefront, you can get the money almost immediately after your application’s approval.
- Use the funds for different reasons. There are no laws restricting how you can use your payday loan.
- Apply with bad credit. If your credit is less than perfect but you have a steady source of income, you can still apply.
- Choose from multiple lenders. You’ll have your choice of multiple lenders, meaning you can apply for the most competitive option.
Missouri payday loans should only be considered after all other financial avenues have been exhausted, as the high fees and interest that come with payday loans or cash advances can result in long-term debt. You will end up repaying much more than you originally borrowed.
What fees and charges do Missouri payday loans come with?
The following should give you an idea of how much your loan might cost:
- Annual percentage rate (APR). The maximum APR a lender can charge on a $100 loan for a 14-day period is 1,950%.
- Maximum finance rate and fees. The maximum you’ll have to pay as accumulated interest and fees for a single loan during its entire loan term, along with renewals, cannot exceed 75% of the initial loan amount. Simply put, the maximum finance charge you’ll have to pay for a 14-day loan of $100 is limited to $75.
- Collection fees. The lender can charge an NSF fee for insufficient funds as well as collection costs, including attorney’s fees that are considered “reasonable” and court costs. Lenders cannot use multiple Automated Clearing House (ACH) transactions to cash single checks. Lenders cannot pursue criminal charges; however, they may pursue civil charges.
Ready to apply for a Missouri payday loan?
You can apply for a payday loan in Missouri by submitting an online application or by visiting a payday loan storefront. You are eligible for a Missouri payday loan if:
- You should be at least 18 years of age
- You should be an American citizen or a permanent resident of the US
- You should have a regular source of income
To complete your application successfully, prepare to submit some basic information:
- Your name, date of birth, social security number and a valid form of ID such as your driver’s license or passport
- Your residential address, email address and phone number
- Details about your employment and income
- If you’re applying online, details of your existing checking account
Important information about payday loans
While payday loans can be beneficial for some, they aren’t always the best option for everyone. Follow the link for more information on payday loan alternatives.
Frequently asked questions
What is the maximum loan term of cash advance loans in Missouri?
The loan term for payday loans in this state is between 14 and 31 days.
Can I take out more than one loan at the same time?
You can have a maximum of $500 of outstanding debt to any one lender at a time.
What is the maximum number of rollovers I can get?
You can roll over your loan a maximum of 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?
Not in Missouri.
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. You can file a complaint online, or submit a complaint via email, mail or fax.