Payday Loans in Missouri

Payday Loans
Explore our list of payday loan providers in Missouri. Whether you're looking for $255 payday loans online, same-day options, or no credit check loans in MO, we provide detailed information to assist your decision. Learn about the regulations, limits, and most reliable online payday loans in Missouri.
Offers: 5
Updated:
11.06.2024
15:38
Best Quick Loan Today 22.06.2024*
Finanso
Need a Quick Loan Now?
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100.00 – 20000.00 $
Rate
i

Interest rate

from 0.05 %
Term
i

Loan term for the financial product

5 days – 3 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.09
(20 Ratings)
Recommended FinScore™
0
300
650
1000
Rate
i

Interest rate

from 4.00 %
Term
i

Loan term for the financial product

to 1 months
Apply
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100.00 – 1000.00 $
Term
i

Loan term for the financial product

1 days – 1 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4.06
(20 Ratings)
Recommended FinScore™
0
300
650
1000
50.00 – 1500.00 $
Rate
i

Interest rate

208.04 – 782.14 %
Term
i

Loan term for the financial product

14 days – 31 days
Moneytree
Payday loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.138
(13 Ratings)
Recommended FinScore™
0
300
650
1000
$100-$500
Rate
i

Interest rate

up to 482.32%
Term
i

Loan term for the financial product

up to 14 days

A payday loan in Missouri is a type of short-term loan that allows borrowers to receive cash advances against their next paycheck. These loans are designed for individuals who need quick access to money to cover unexpected expenses or emergencies.

Payday loans in Missouri are subject to certain regulations, including limits on the amount of money that can be borrowed, fees that can be charged, and the length of the loan term. According to Missouri law, payday lenders cannot lend more than $500 to a borrower at one time, and the loan term cannot exceed 31 days.

Additionally, payday lenders in Missouri must be licensed and follow specific rules when it comes to disclosing fees and interest rates. The maximum finance charge that can be charged on a payday loan in Missouri is 75% of the loan amount for the entire loan term. This means that for a $100 loan, the maximum finance charge would be $75, and the borrower would need to repay a total of $175.

Payday Loans in Missouri

What is the Payday Loan Limit in Missouri?

In Missouri, the maximum amount that a borrower can receive through a payday loan is $500. This limit is set by state law and applies to all payday lenders operating in Missouri.

It is important to note that even though borrowers may be approved for a payday loan up to the $500 limit, it is not always in their best interest to borrow the maximum amount. Payday loans typically come with high fees and interest rates, and borrowing more than necessary can lead to financial difficulties and debt.

How To Borrow a Payday Loan in Missouri?

Apply for a loan

  1. Find a licensed payday lender. Look for a payday lender that is licensed to operate in Missouri. You can check with the Missouri Division of Finance to confirm that the lender is licensed.
  2. Complete an application. Fill out an application with the lender, providing your personal and financial information. You may also need to provide proof of income, such as a pay stub or bank statement.
  3. Review the loan terms. Before accepting the loan, review the terms and fees associated with the loan, including the interest rate and finance charges. Make sure you understand the repayment terms and due date.
  4. Sign the loan agreement. If you agree to the loan terms, sign the loan agreement and provide any necessary documentation.
  5. Receive the funds. Once the loan is approved, the lender will typically provide the funds either by depositing them directly into your bank account or giving you cash.
  6. Repay the loan. Repay the loan on the due date, which is typically the next payday. Be sure to budget accordingly to ensure you have enough funds to cover the repayment.

Pros and Cons

Pros

Quick access to cash. Payday loans are often approved quickly, and borrowers can receive funds in as little as one business day.

Easy to qualify. Payday lenders typically do not require a credit check, so borrowers with poor credit can still be approved for a loan.

No collateral needed. Payday loans do not require collateral. Borrowers can obtain a loan based on their income and credit history.

Cons

High fees and interest rates. Payday loans can come with high fees and interest rates, which can make them an expensive way to borrow money.

Short repayment terms. Payday loans typically have very short repayment terms, often just a few weeks. This can make it difficult for borrowers to repay the loan on time and may result in additional fees and interest charges.

Requirements

  1. Age. Borrowers must be at least 18 years old.
  2. Income. Having a steady source of income, such as a job or government benefits is required.
  3. Residency. Borrowers must also be a resident of Missouri and have a valid government-issued ID.
  4. Bank account. Borrowers must have an active checking account in their name and provide a valid phone number and email address for contact purposes.
  5. Credit check. While payday lenders generally do not require a credit check, some may still take the borrower's credit history into consideration when making a lending decision.

Interest Rates

In Missouri, payday lenders are limited in the fees and interest rates they can charge on payday loans. The maximum finance charge that can be charged on a payday loan in Missouri is 75% of the loan amount for the life of the loan. For example, on a $100 loan, the maximum finance charge would be $75, and the borrower would need to repay a total of $175. The real APR on a 14-day loan of $100 in Missouri is 1950%.

It is important to carefully review the fees and interest rates associated with a payday loan before agreeing to the loan terms. Borrowers should also consider other options for borrowing money, such as personal loans or credit cards, which may have lower interest rates and fees.

Online Lenders

  • Net Pay Advance is an online lender offering short-term loans, including payday ones. They claim to provide a simple and fast application process and may be able to provide funds as soon as the next business day.
  • RISE Credit is an online lender that offers various types of loans, including payday loans. They offer a quick and easy online application process and may be able to provide funds within one business day.
  • Minute Loan Center is an online lender that specializes in short-term loans, including payday loans. They claim to offer a simple application process and may be able to provide funds within 24 hours.
  • LendNation is a financial services company that offers a range of instant cash loans and money services. Their aim is to help everyday people overcome financial challenges by providing quick access to cash through flexible lending products. For residents of Missouri, LendNation provides the option of taking out an installment loan either online or in-store. In addition to installment loans, the company also offers title loans in-store and payday loans online.
  • MobiLoans is a financial service provider that offers an innovative and flexible approach to securing emergency funds. The company markets itself as a better option compared to conventional payday loans and expensive bank overdraft charges, highlighting its transparent fee structure and adaptable repayment plans.
  • Check 'n Go is a financial services company that offers a range of customized financial solutions, including installment loans, payday loans, and cash advances. The company aims to provide quick and accessible financial relief through various loan options, which can be applied for online.

lternatives

  1. Personal loans. Many banks, credit unions, and online lenders provide personal loans with lower interest rates and longer repayment terms than payday loans. Individuals with good credit may be eligible for a low-interest personal loan.
  2. Credit cards. Credit cards may offer lower interest rates than payday loans. Individuals who can pay off their balance in full each month can avoid paying interest charges.
  3. Payment plans. In the event of a financial emergency, negotiating a payment plan with the service provider may be possible. For instance, a hospital may allow individuals to make payments over time rather than paying the entire bill upfront.
  4. Government assistance programs. The Missouri Department of Social Services offers several assistance programs for low-income individuals and families, including food assistance, housing assistance, and healthcare assistance.
  5. Credit counseling. Credit counseling organizations can guide and advise individuals struggling with debt. They may be able to assist in creating a budget and devising a plan to pay off debts.

    In Missouri, payday loans are regulated by the Missouri Division of Finance. The Missouri payday loan law regulates payday lenders in the state and provides protections for borrowers.

    Under Missouri law, payday lenders must be licensed and follow specific rules when it comes to disclosing fees and interest rates. A payday lender can offer the maximum loan amount is $500, and the loan term cannot exceed 31 days. The maximum finance charge that can be charged on a payday loan in Missouri is $75 for every $100 borrowed.

    Payday lenders in Missouri are also required to provide borrowers with a written loan agreement that includes information about the loan, including the finance charge, APR, and due date. Lenders are not allowed to renew or roll over a loan more than six times, and they must provide a 60-day repayment plan for borrowers who are unable to repay the loan on time.

    In addition to these regulations, the Missouri Division of Finance also maintains a list of licensed payday lenders in the state. Borrowers can verify that a lender is licensed by checking the list on the Missouri Division of Finance's website.

    Important

    Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

    How to Choose a Lender

    1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

    2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

    3. Carefully review all the terms and conditions of your payday loan contract.

    4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

    5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

    6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

    Other Loans

    FAQ

    Are online payday loans legal in Missouri?

    Yes, online payday loans are legal in Missouri. Missouri's payday lending laws apply to both in-person and online lenders operating in the state. Online payday lenders must also be licensed to operate in Missouri and follow the same regulations as brick-and-mortar lenders.

    Borrowers should be cautious when considering online payday loans, however, as there are some online lenders that operate illegally or outside of state regulations. Verifying that an online lender is licensed to operate in Missouri before applying for a loan is important.

    Additionally, borrowers should carefully review online payday loan fees and interest rates before agreeing to the loan terms. It is also important to ensure that the lender is following all applicable state and federal regulations and that the borrower fully understands the terms and repayment requirements before accepting the loan.

    How many payday loans can you get in Missouri?

    In Missouri, a borrower is limited to one outstanding payday loan at a time. Payday lenders are not allowed to lend to a borrower who already has an outstanding payday loan. Additionally, Missouri law limits the total amount of payday loans that a borrower can take out to $500. This means that even if a borrower repays their payday loan on time, they cannot take out another payday loan until the first loan is fully repaid. The lender or any entity affiliated with the lender cannot have more than $500 in loans outstanding to the same borrower at any one time.

    What do you need for a payday loan in Missouri?

    To obtain a payday loan in Missouri, a borrower typically needs to provide proof of income, such as a recent pay stub or bank statement, and a valid government-issued ID. They may also need to provide proof of residency, such as a utility bill or lease agreement, and a post-dated check or authorization for the lender to withdraw funds from their bank account on the due date. Some lenders may also require a credit check or additional documentation, such as proof of employment or references. It's important to carefully review the lender's requirements and loan terms before applying for a payday loan.

    State Cities