Payday Loans in Missouri

In Missouri, payday loans are legal for people who need them as soon as possible. There is no minimum amount of loan you can get, but the maximum amount of payday loans in Missouri is $500. The state code is MO. If you are a MO State resident, you are welcome to get payday loans of up to 500 dollars.

Table of Contents

1. Legal Status of Payday Loans in Missouri
2. Payday Loans Restrictions in Missouri
3. Missouri Finance History
4. State Cities
5. Alternatives
6. Payday Loans History
7. How Do Online Payday Loans Work in Missouri?
8. Payday Loans Requirements in Missouri
9. Regulator: Complaints and Information
10. Payday Loans in Missouri for Unemployed People
11. Reasons to Choose Us
12. FAQ
13. References
14. All States
15. Disclaimer

Legal Status of Payday Loans in Missouri

According to Mo. Rev. Stat. §§ 408.500.1 et seq., payday loans are legal in Missouri. People with all types of credit scores are eligible to take payday loans of up to $500. The minimum term is 14 days, and the maximum is 31 days. Also, there is no minimum APR, but the maximum can reach 1950%. Besides, there are no collection fees for this kind of loan. The number of simultaneous loans is not limited, but you can borrow no more than $500 from a lender. According to the MO Law, you may have five rollovers, but extensions and repayment plans aren’t allowed.

Finance History of Missouri

Payday lending laws in Missouri are the most favorable for lenders. Also, they are the softest compared to other states. The existing legislation (Mo. Rev. Stat. 408.500 et seq. ; 4 Mo. Code Regs. 140-11.010, 140-11.020) passed in 2002, and it allowed a lot of payday lending companies to develop during these years.

Alternatives for Short-Term Payday Loans

If you need more money to cover your expenses, you may consider alternative solutions. There are:

• Installment Loans and Personal Loans online (from $1,000, $1,500, $2,000, $2,500, $3,000, $5,000 installment loans with a maximal 36-months term and up to $35,000 personal loans with a maximal 60-months term)
• Credit Cards, Debt Consolidation Loans, Credit Builder Loans
• Local assistance programs & Social Services
• Additional part-time jobs or some side gigs and freelance opportunities to earn extra cash
• Recycling for money
• Help from your family, friends, employer, or creditors
• Credit unions or traditional banks

You have to be very careful and responsible when applying for payday cash advances. Avoid rollovers, renewals, or extensions as much as possible. So, you’ll be able to repay your loan fast and easy.

Payday Loans History

Payday cash advances have a long story that began at the beginning of 20 century.

1930s – The first payday loans in Missouri are identified. To escape complying with the usury laws, lenders began giving short-term loans with post-dated checks as a guarantee.

1980s – Interest rate limits on payday lenders are placed by the state. However, they became effective in 1998.

1998 – The Missouri Legislature cancels the usury cap. It gave payday lenders the freedom to charge legally whatever interest they wanted.

2001 – Missouri Auditor Claire McCaskill made a performance audit for the payday loans industry. It revealed the lack of interest rate caps. According to the audit, the average APR for a payday cash advance was 391%. To improve the situation, McCaskill recommended introducing a cap on the number of loan renewals for a customer, but no number was proposed, though.

Ultimately, the Missouri Legislature turned up the law that only made the situation worse. It set fees and interest at 75% of the principal amount of the loan. This APR “limitation” led to approximately 1950% on a 2-week loan, the state’s highest allowed.

2006 – The Military Lending Act effectively completed payday cash advances offered to the military at 36% APR. No lender in Missouri is now allowed to provide loans to the military above 36% APR.

June 2, 2016 – The Consumer Financial Protection Bureau (CFPB) proposed a Payday Loan Rule that fully came into effect in November 2020.

There were attempts to change the state level (i.e., HB2657 that suggested capping fees and interest at 35% of the amount of a loan), but there was no success.

2021 – Thus, despite the above-mentioned federal regulations, there has been no change in Missouri legislation for the payday lending industry for 2021.

How Do Online Payday Loans Work in Missouri?

Payday Loans both online and in-store, are available for Missouri residents. But, nowadays, online payday lending is becoming more and more popular among borrowers as it has a lot of benefits:

• An opportunity to compare a lot of different offers at once;
• Avoid driving, doing paperwork, and waiting in infinite lines;
• Free and simple application process;
• High rates of approval even with a bad credit history;
• A trusted network of lenders that perform no hard credit check;
• 24 / 7 availability.

The online application process is fast and simple:

• First step: compare the lenders and choose the one with the suitable rates and fees;
• Second step: fill in the application form with the necessary information;
• Third step: get the money into your account on the next business day;
• Fourth step: repay the loan with your next paycheck.

Payday Loan Requirements in Missouri

Alternative lending companies, like direct lenders, may have special requirements that a borrower should meet, but typical minimum requirements include:

• Missouri (US) residence;
• Regular income (minimum $1,000 per month);
• Valid checking or savings bank account with direct deposit;
• Active phone number and email address;
• If you’re a veteran or military, you should have served 90 consecutive days of active service during wartime, OR you have served 181 days of active service during peacetime, OR you have six years of service in the National Guard or Reserves;
• If applying Online, you must provide a valid Social Security Number;
• If using the Lending Store, you must bring a valid government-issued photo ID. A Social Security Number might not be required;
• If applying in-store, you must bring proof of income and evidence of a bank checking account.

Regulator: Complaints & Information

The Missouri Division of Finance regulates payday rule observance.
Address:Truman State Office Building, Room 630, Jefferson City, MO 65102
Phone: 573-751-3242
Fax:573-751-9192
URL: https://finance.mo.gov/
File a Complaint: https://finance.mo.gov/consumers/consumer_complaint.php

Payday Loans in Missouri for Unemployed People

In Missouri, payday loans are available for people on SSI (Supplemental Security Income), unemployed residents, those who have child alimony, single mothers, disabled borrowers, and other minorities. But the main rule is that they must have a minimum (unofficial) income of $1,000. If you’re one of them, find out that you have the chance to get approval, too.

Be sure that anti-discrimination rules are applied for these types of borrowers. If you’re unemployed but have unofficial incomes, direct lenders may offer payday cash advances to cover your unexpected expenses.

There are some common requirements for people with disabilities or those who live from benefit payments. They should show the disability policy or benefits statement from the benefits payer (typically, it is an insurance company or former employer).

Some lenders may require an Award Letter from Social Security Administrators or proof of current receipt concerning people on SSI. It is a frequent requirement from lending companies that should meet borrowers with disabilities.

It is important to know that direct lenders make maximum efforts to provide payday loans for unemployed and/or disabled people.

Reasons to Choose Us

There are many online cash advance lenders and platforms, but our vision of lending is different. We work with a trusted network of direct payday lenders.

Find out other benefits when choosing us:

• You get immediate access to competitive loan offers with no third party, with no hidden fees.
• You can use payday loans in Missouri as you wish. Lenders don’t set restrictions for spending your money.
• Our lenders don’t perform hard credit checks for payday cash advances in MO. They just run a general review of your financial situation.
• The online application process is quick and easy, especially for short-term loans in Missouri.
• No paperwork and faxing! Just an online application form available 24/7.

References

1. Missouri Division of Finance: https://finance.mo.gov/consumercredit/paydaylenders.php
2. Payday Loans Laws and Acts: https://www.ustatesloans.org/info/pdl-laws-and-acts/
3. Useful Information about Unsecured Loans under $500: https://finance.mo.gov/Contribute%20Documents/500_quick_reference_guide_002.pdf

All States

You can get suitable Payday Loans in the US online with a quick and easy application form. Just fill it in and wait 5 – 10 minutes for a loan decision.

US residents can apply for Online Payday loans even with poor credit. Most direct lenders guarantee instant decision and Payday Loans with soft or no credit checks. Get the necessary emergencies as soon as the next business day if you borrow online or even the same day if you apply in-store.

Disclaimer

PaydayLoansM is an information service designed as a comparison platform providing you with the tools you need to make better decisions.

We make efforts to provide current and accurate information on this site, but it may differ from what you may find on other companies’ websites. So, ask for any details with the loan before you sign the contract.