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. Payday Loans Near Me in Other States
  12. Reasons to Choose Us
  13. FAQ
  14. References
  15. All States
  16. Disclaimer

Get Your Payday Loan in Missouri Now!

Top lenders in Missouri are ready to assist you with your loan request. The money you need is a few clicks away.

Payday Loan Restrictions in Missouri

To understand how do the APR and other fees work, see the example below:

Law Status legal
Citation
MIN amount None
MAX amount $500
MIN term 14 days
MAX term 31 days
max APR can reach 1950%
Extra fees Not stated
Collection fees None
Guarantor
None, unsecured

Nr. of simultanous loans Not limited but no more than $500 from a lender
Cooling-off period None
Rollover 5 rollovers
Extension/repayment plan
Not allowed

Credit Score
A for Bad Credit

Criminal action
Prohibited

Law Status legal
Citation
MIN amount $1,000
MAX amount $5,000
MIN term 90 days
MAX term 36 months
min APR 6.63%
Guarantor
None, unsecured

Credit Score
A for Bad Credit

Criminal action
Prohibited

Law Status legal
Citation
MIN amount $1,000
MAX amount $35,000
MIN term 90 days
MAX term 60 months
min APR 4.99%
Guarantor
None, unsecured

Credit Score
A for Bad Credit

Criminal action
Prohibited

You need $300 to cover financial emergencies on the next business day but have to wait two weeks for the next paycheck. Taking $300 for 14 days is the best solution for you. Let us presume that your lender has a 100% APR and a $6 origination fee for every $100. Thus, you’ll have to pay off $318 on your next payday.

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.

State Cities

Payday loans in MO cities are available for all kinds of borrowers. If you are looking for “Missouri payday loans near me”, you can find it with the help of ZIP codes. All the cities have local direct lenders that may provide you payday cash advances.

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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.

Top Cities: Payday Loans Near Me in Other States

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.

FAQ

Yes, consumers with all types of credit scores are welcome to apply for payday loans in Missouri. There is a high rate of approval for people with poor credit history.

There are only soft credit checks. These kinds of assessments aren’t provided through those three traditional credit bureaus but only by alternative companies. Also, this check won’t influence your actual credit score.

No, you can get only an instant approval decision. You’ll receive it as a notification at your email address. Commonly, it takes 5 – 10 minutes to get a decision from your lender.

No, you can get a guaranteed approval decision from the direct lender for your payday loan in Missouri. But there is a high rate of approvals, so don’t worry about getting the money you need.

Yes, you may get 1-hour payday cash advances in Missouri. If qualified, 1-hour payday loan may be approved in less than 60 minutes. But you should know that by providing 1-hour payday loans, lenders give you access to funds on the next business day or even sooner. Pay attention to the cut-off times of lenders.

It depends on the cut-off times. If you apply for payday loans in MO before noon, your cash advances may be approved faster, and you’ll receive the money in your bank account the same day. But if applied in the afternoon, you’ll get them on the next business day.

The number of simultaneous loans is not limited but no more than $500 from a lender.

The easiest way to get payday loans in Missouri is to apply on online platforms that help you to connect with direct lenders. You fill in the single application form, and the partners will send it to dozens of direct lenders who will decide to get you a loan.

Payday loans in Missouri have many advantages for borrowers with bad credit. Also, the fact that you can borrow the maximum amount of $500 won’t allow you to get into large debt. Besides, the online application process is fast and simple.

If you need more money for your emergencies, direct lenders also provide installment loans ($1,000 – $5,000) and personal loans ($5,000 – $35,000). The minimum term for these loans is 90 days, and the maximum is 36 months and 60 months.

To qualify for payday loans in Missouri, you need to be a Missouri (US) citizen, be at least 18 years old, have a steady income, and have a valid phone number, email address, and active bank account.

To apply for payday cash advances in Missouri, you need to access the Internet from a PC, Laptop, or even your smartphone. Also, you need to provide valid information about yourself while filling in the application form.

In Missouri, you may borrow up to $500 as payday loans. There is no minimum amount you can get.

The minimum term for payday loans in Missouri is 14 days, and the maximum term is 31 days.

The law doesn’t state the extra fees for short-term loans in Missouri. Also, there are no collection fees.

Once you receive your next paycheck, the lender will withdraw it from your bank account. You don’t need to go in-store to repay your payday loan in Missouri.

If you aren’t able to pay your payday cash advances in MO when it is due, lenders will apply legal penalties. The amount of penalty percentage depends on the lender and on the amount you borrowed. Besides, extensions and repayment plans aren’t allowed in Missouri. So, make sure that you can repay your loan when it is due.

You’ll receive a notification about the application result at your email address. Make sure it is active and not full.

It depends on the cut-off times. If you apply before noon, you may get your payday loan in MO on the same day. But if applied in the afternoon, you’ll get your money on the next business day on your bank account.

There are no additional fees for these kinds of loans in MO except APRs.

Yes, you need to have a steady income to get a payday loan in Missouri. But it doesn’t need to be official. Commonly, direct lenders don’t request income proof, but you should be ready to give exact answers about your regular incomes.

The maximum APR for payday loans in Missouri can reach 1950%. Ask your lender for more information about the Annual Percentage Rate.

The law doesn’t state the extra fees of payday loans in Missouri. But they depend on the lenders. So, make sure your lender provides you all the necessary information about the payday loan.

Five rollovers are allowed for payday loans in Missouri, but take care not to get into a debt circle.

Extensions and repayment plans aren’t allowed in Missouri. So, make sure you can repay the loans in time.

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.

ZIP Codes of the State

63110

63111

63112

63113

63115

63116

63118

63120

63139

63107

63106

63104

63103

63102

63101

63109

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63155

63137

63143

63147

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63177

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63197

64161

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64053

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64108

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64102

64106

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64128

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64124

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64126

64127

64120

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64164

64166

64192

64119

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64114

64117

64116

64111

64110

64113

64112

64132

64130

64146

64145

64149

64147

64139

64138

64133

64131

64137

64136

64134

64121

64141

64148

64162

64170

64171

64179

64180

64184

64187

64188

64191

64195

64196

64197

64198

64199

64999

65810

65802

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64507

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64508

63301

63303

63302

63376

65101

65109

65102

65103

65104

65105

65106

65107

65108

65110

65111

63703

63701

64014

64013

63033

63031

63032

63017

63005

63006

63640

63385

63129

63151

63025

63021

63011

63040

63038

63069

63132

63130

64068

64069

63022

63024

63125

63122

63043

63146

65301

65302

63042

65616

65615

64030

64012

63119

65714

64093

64083

63010

65401

65402

65409

63136

63135

65721

63902

63901

63123

63034

63141

63167

63138

63401

63128

65738

65619

63105

63195

63199

63801

63379

63501

64836

65473

63114

63755

64029

63090

65536

65270

64468

63074

65340

64850

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63028

65251

63126

64024

65775

63044

65265

63131

64089

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63134

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63124

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63601

63127

65605

64834

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63026

63049

63144

65653

65706

64152

64190

63020

63628

63088

63012

63057

65584

63171

63070

63077

65781

63304

63338

63334

64078

63834

64683

64485

65583

64085

64076

63780

63830

63552

65560

63121

63664

63660

63019

65026

65049

65672

65673

64144

65711

65712

64037

65043

63670

64067

65018

65055

63052

64759

63645

63863

63048

65625

65336

65305

63390

65020

65240

63099

65065

64628

65559

63382

65010

64730

65742

63461

64150

64168

63362

63845

64744

65081

63133

64058

65453

63050

65542

65686

65622

64633

63051

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63873

65791

65066

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65608

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65248

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64040

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65793

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65689

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64831

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63822

65740

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63555

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64854

63933

65556

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65349

63016

64640

63565

64644

64402

63015

65565

64747

63876

64720

65051

63468

65441

65255

64862

65648

65281

65259

63389

65013

63624

63764

64454

65459

65604

64491

65351

64841

65633

63730

64070

64779

63037

65661

65723

63549

65588

64843

65747

65704

63771

64725

63357

65338

64482

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65275

63653

63384

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65337

65325

65734

63537

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64673

65078

65254

64469

64724

65674

65274

63862

65669

65452

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65680