People living in Missouri can benefit from payday loans between $100 to $500 through direct loan lenders. In the state of Missouri, borrowers are limited to a specific amount, that is, they can only take up to $500 or less.
Payday loan lenders in Missouri have the mandate to provide 6 roll-overs to borrowers on the basis that the borrower is able to reduce the principal amount of loan by 5% before every renewal.
Interest and fees on Missouri payday loans are to sum up to 75% of the starting loan amount (for all life of the loan term including renewal).
Missouri payday loans are offered for the term of 14-31 days. Which means that, you have between these days to make repayment when you receive your next paycheck.
Payday loans varies from one state to the other depending on the law that governs it. For instance, Missouri has its laws and regulations governing payday loans. Therefore, it’s very necessary to research on these laws and understand them before you apply for loans.
Activities of payday lenders are regulated by the Missouri Division of Finance.
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Things to know about Missouri Payday Loans
- They have an APR rate of 443%, subjected to change.
- Maximum loan amount is $500.
- 14 days minimum loan term.
- 31 days maximum loan term.
- Lenders are allowed to give 6 roll-overs.
- Interest and fees does not exceed 75% of the initial loan amount.
Loan application requirements
- You must be at least 18 years old and above.
- Be a permanently or legal resident of Missouri.
- Have a stable source of income that earns you at least $1,000 with no serious credit check.
- A valid phone number and email.
- A borrower must not be in debt with bankruptcy.
- Bank account.
Payday loans are regarded as small loans individuals take and repay when their next paycheck arrives.
You can apply for a payday loan in Missouri online or any of their offices. The process takes few minutes to complete and fund is deposited into your bank in as short as one business day.
Some also provide same day payday loans.
Missouri payday loan for unemployed people
Even without a regular job, you are also entitled to a payday loan. Aside the main factors other lenders take into consideration, some accept alternative sources of income when you are unemployed. These alternative sources could come from investment, retirement benefits, unemployment benefits, child care and more.
Instead of using credit score to check your creditworthiness, they use other means.
You can always find a payday loan in whichever city you find yourself in Missouri. Get online and find out which payday loan online is available in your city. We have the likes of FaaastCash, Cashone, Moneylion and more.
