Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Long repayment terms
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A payday loan could get you through a rough financial patch if you don’t have the best credit and need money quickly. But keep in mind that payday loans are a temporary fix and can be a costly option.
You can apply for up to $500 under Missouri revised statutes 408.500.1 et seq. A payday loan provider needs a license from the director of the Division of Finance in order to operate.
Lenders have very few restrictions in Missouri. For instance, a lender can charge up to 75% in interest. This means a $100 loan can have fees of $75, resulting in an APR of 1,950%.
Read your contract carefully before you sign so you know exactly how much you’ll need to pay when the loan term is over.
Applying for any type of short-term loan in Kansas City is simple. You can either apply online or by visiting a payday store, but before you start an application, you’ll need to meet some basic eligibility criteria. Lenders require that you have a regular source of income, be a citizen or permanent resident of the US and be at least 18 years old.
Every application is different, but you’ll need to provide some of these personal details.
Missouri has one of the highest annual percentage rates (APR) in the country. This is because the fees for a payday loan can reach up to 75% of the total loan amount. That means you could potentially pay $75 for every $100 you borrow. In addition, if you miss a payment, you’ll have to pay a non-sufficient funds (NSF) fee set by the lender. If you default, you’ll be on the line for court costs and attorney fees.
If you decide to take out a payday loan at the state maximum of $500 and your contract states you’ll have to pay 75% of your loan, you’ll be on the line for $375 in fees and interest. On the due date, you’ll need to give the lender $875 dollars.
The most important practice when borrowing money is to compare your lenders and read your loan contract carefully. Lenders are legally required to tell you exactly how much you’ll have to pay by the end of the loan term. If you don’t like what you’re given, you can reject the offer and shop around for something better.
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