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
- Legal Status of Payday Loans in Missouri
- Payday Loans Restrictions in Missouri
- Missouri Finance History
- State Cities
- Payday Loans History
- How Do Online Payday Loans Work in Missouri?
- Payday Loans Requirements in Missouri
- Regulator: Complaints and Information
- Payday Loans in Missouri for Unemployed People
- Reasons to Choose Us
- All States
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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.
Payday Loan Restrictions in Missouri
To understand how do the APR and other fees work, see the example below:
|MIN term||14 days|
|MAX term||31 days|
|max APR||can reach 1950%|
|Extra fees||Not stated|
|Nr. of simultanous loans||Not limited but no more than $500 from a lender|
A for Bad Credit
|MIN term||90 days|
|MAX term||36 months|
A for Bad Credit
|MIN term||90 days|
|MAX term||60 months|
A for Bad Credit
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.
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.
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
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.
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.
- Missouri Division of Finance: https://finance.mo.gov/consumercredit/paydaylenders.php
- Payday Loans Laws and Acts: https://www.ustatesloans.org/info/pdl-laws-and-acts/
- Useful Information about Unsecured Loans under $500: https://finance.mo.gov/Contribute%20Documents/500_quick_reference_guide_002.pdf
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.
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