Payday Loans In Missouri
In Missouri, you would find several lending companies offering online payday loans & in-store cash advances. Before you decide to make an application for a payday loan, do a bit of research on state licensed payday lenders in your state. Direct licensed lenders are required to adhere to the state rules and regulations to protect borrowers. We have added a few payday lenders, that fund in Missouri and will keep adding more to our list.
Online payday loans are usually preferred by customers, who are looking for quick cash to pay for some emergency or unexpected expenses. A majority of lenders offer an online application, which can be completed from the comfort of your home by using a computer, iPad or smartphone. The application process just takes a couple of minutes to complete, and you may receive an instant response to the approval or denial of the application.
All online lenders, local lending businesses, and storefront are required to obtain appropriate licenses from the division of finance to offer payday loans in Missouri. The maximum loan amount that can be borrowed in Missouri is $500, by law. The minimum loan term is 14 days and the maximum of 31 days can be offered to the borrowers.
Basic Payday Loan Requirements in Missouri.
The application process and requirements are simple. Find out the necessary requirements to qualify for payday loans in Missouri.
- Applicant needs to be 18 yrs old or older.
- Applicant has to be a resident of Missouri.
- Proof of steady income source.
- Active checking account ( Account must be on applicants name ).
- Valid current email address and contact number.
Each short term lender has its own loan criteria and requirements. In some cases, you may be asked to produce additional documents or information to be sent through email or fax for verification purpose. Some lenders also offer loans to consumers on retirement income.
Example Fees Chart for Missouri Payday Loans.
|Loan Amount||Finance Charge||Repayment||APR (14 days) Loan Term|
Missouri Payday Loan Laws
Payday loans and cash advances, which can be obtained online or storefronts are legal in the state of Missouri. The Missouri Division of Finance regulates companies lending unsecured loans for $500 or less under the state law, to obtain licenses before funding loans in the state.
The rules and regulations governing Missouri payday loans limit’s maximum amount borrowed to $500. Loan term of maximum 31 days, can be provided to the borrower. The highest number of rollovers permitted is up to 6 times, by reducing the principal by 5% with every rollover. Interest and fees, should not exceed 75% of the original amount borrowed for the complete loan term and renewals. The law also restricts the number of loans at a time, must not exceed $500 with any lender at one time.
The laws governing payday loans in Missouri are not clear when compared to other states. The minimum income requirement, as well as the cooling off period for obtaining another loan, is not specified.
Missouri Division of Finance
PO Box 716
Jefferson City, MO 65102-0716
Phone: (573) 751-3242
For registering complaints online Click Here.