Payday Loans in Missouri

Payday Loans in Missouri

Payday loans are one of the fastest ways to get quick cash. With how conventional types of loaning schemes are set up, getting a cash advance online used to be unthinkable. But not anymore. Payday loans are a monetary remedy that has come to stay, and you can easily get them online with no hassle. They are an ideal answer for your monetary woes. 

Loan Packages Available in Missouri

  1. Payday loans

Payday loans are momentary credits taken against your paycheck without evaluating your credit score. In Missouri, your ability to pay back the loan is not checked. However, don’t get yourself into an endless loop of debt. 

 

Law Status Permitted 
Minimum Loan Amount None
Maximum Loan Amount $500
Minimum Loan Term 14 days (2 weeks)
Maximum Loan Term 31 days
Maximum Annual Percentage Rates (APR)% Must not exceed 1950%
Additional Fees Not declared 
Collateral or guarantor  None
Non-Sufficient Fund (NSF) Fees None
Number of Simultaneous Loans Not restricted but mustn’t exceed $500 from a lender 
Cooling-off Period None
Rollover  Six (6) rollovers
Extension, repayment plan Not permitted 
Default Penalties Criminal actions are prohibited 
Credit Score Requirements Accessible for bad credit 

 

  1. Installment loans

Installment loans are settled in installments, usually monthly. Like payday loans, you can obtain this loan for financial emergencies that involve a larger sum of money like medical bills. 

 

Law status Authorized
Minimum Loan Amount $1, 000
Maximum Loan Amount $5, 000
Minimum Loan Term 90 days 
Maximum Loan Term 36 months (three years)
Annual Percentage Rates (APR%)(Minimum) 6.63%
Collateral or Guarantor None
Credit Score Requirements Unrestricted for low credit score.

 

  1. Personal loans

Personal loans are for your personal use. Want to get a new car, a new home, or a family trip? This is the loan scheme for you. You can get up to $35,000 in personal loans. 

Law status Approved
Loan Amount (Minimum) $1,000
Loan Amount (Maximum) $35,000
Minimum Loan term  90 days
Maximum Loan term  60 months/5 years
Minimum Annual Percentage Rates (APR%) 4.99%
Collateral or Guarantor None
Credit Score Requirements Your credit score doesn’t matter

 

Are Payday Loans Allowed in Missouri?

Payday loans are authorized in Missouri, and Missouri’s Division of Finance must license all lenders before operating. If you want to obtain a payday loan, you are entitled to this license and a copy of your loan contract. 

Payday Loans Substitutes in Missouri

  • Title loans

Title loans allow you to collect cash against the worth of your car. You have a low-interest rate, more money, and a longer repayment time with a set installment plan. 

  • Lending from family and friends

 An excellent place to get emergency cash is from our close pals and family members. To avoid jeopardizing your relationship, map out a written agreement to show your genuine willingness to pay back and discuss default punishments. 

  • Loans from credit unions

If you are a credit union member, you will have access to low-interest loans and receive steady financial help and advice from other members. Before you take out a cash advancement, your income will be gauged to avoid taking out a loan you can’t pay back. 

 

How to Apply for a Payday Loan in Missouri

Payday loan applications are seamless. All you have to do is:

  • Ascertain you have met all the laid out requirements
  • Apply online on our website in five minutes.
  • Receive a fast response clarifying if your loan has been approved or refuted.
  • If your loan is approved and you applied early in the day, you can get your loan on the same day after signing the loan contract. If not, you will get it on the next business day.
  • Repay on your due date. Note that you can pay back your loan earlier than the stated due date. You won’t be given any punishment.

 

Everything You Need to Get a Payday Loan in Missouri

  • No less than 18 years old.
  • Have a verifiable Social Security Number (SSN), email, and telephone number.
  • A checking account that has been active for at least one month.
  • A stable income source. 

 

An APR% Calculation of A Missouri Loan Fee

When you obtain a $200 payday loan with a minimum of 14 days in MO, you will have an interest rate of:

Annual Percentage Rate (APR%): 430%

Loan procured: $200

Finance charge (for 14 days):$15 3= $45

To return: $245

APR% Calculation= $45/$200= 0.225 * 365 days = 82.125/14= 5.866 

=586.6% 

 

FAQS

Can you get a payday loan in Missouri?

Yes, payday loans are allowed in Missouri.

How many payday loans can you have in Missouri?

You can only obtain one payday loan at a time in MO. 

What will stop you from getting a payday loan?

Your employment history can play a significant role. If your income is unsteady, your loan request can be denied. 

Can you go to jail for not paying a payday loan in Missouri?

You can not go to jail for not paying your payday loan. Criminal actions against you are not permitted in MO.

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