Missouri Payday Loans and Cash Advances
A payday loan is a short term cash advance issued against no security other than the information about the borrower. This type of personal loans helps people with temporary financial difficulties to pay their urgent bills. They feature high-interest rates, which are nevertheless mitigated by the short period of their duration.
Are payday loans legal in Missouri?
According to the state legislature, lending payday loans is legal in Missouri. The regulations here are quite lenient, which makes lenders charge a staggering 780% in APRs. Our company helps people in Missouri get approved for much cheaper payday loans.
How to get a payday loan in Missouri
On our website, you can apply for a loan without the need to work with actual lender storefronts or leave your home, which is especially important during this period. Our main purpose is to help you get approved for a loan even if you have a bad credit history – read more about it here.
All you have to do is to fill out the application form on our website and submit the required documents: a state-issued ID, proof of your employment and income (paychecks, a benefits package, or others, if applicable).
Last but not the least, you need to be 18yo or older, and a citizen of the U.S. Mind that you can only apply in Missouri if you reside in the state.
What are the minimal and maximal loans I can count on in Missouri?
The laws regulating payday loans in Missouri state that you can apply for a maximum of $600, but you can have two outstanding debts at the same time issued by different lenders.
What motivates Missouri citizens to apply for a loan?
There is a true miscellany of reasons that drives customers seeking a cash advance. In their majority, they are quite mundane, because in all honesty, most of us experience economical hurdles now and then. Those may be caused by breakdowns of say a car or a personal computer, bills for utilities or medical services, gifts for your near and dear, weddings, funerals, trips and out of pocket expenses.
Users often ask us:
How many payday transaction loans issued in Missouri?
You can apply for two loans from different lenders according to the current payday loan regulations in Missouri.
What is the statute of limitations for a payday loan in Missouri?
For any legal questions concerning payday loans in Missouri, please refer to Mich. Comp. Laws §§ 487.2121 et seq.
How many people get payday loans in Kansas City Missouri?
According to the statistical data from 2016, that year 1.62 million applicants resorted to the help of payday loans in the state.
What types of loans are offered by Missouri payday loans?
In Missouri, you can get installment payday loans, emergency payday loans, personal payday loans, faxless payday loans – to name a few. Most commonly though, these different names are used to describe the same phenomenon of quick cash, short term unsecured money advance.
Here is how you calculate APR for your loan
To calculate the APR applied to your loan, you will need to know the sum you are going to apply for – let’s go for the maximal amount of $600; the number of days – again, in our formula we will use the maximal loan term, or 31 days, and the loan interest stated in the contract. We will take the average APR available from lenders working with our platform, which is 450%.
Divide the APR by the number of days in a year, then multiply it by the number of days in the loan term. The result multiplies by the sum of the principal debt, which will be the coast of your payday advance (money charged in interest fees). Add it to the sum of the outstanding loan to calculate the total.
- Loan Amount: $600
- Loan Term: 31 days
- APR (Annual Percentage Rate): 450%
- Total Repayments: $483.7
- Cost of Loan: $133.7
In the next example, we have used the same formula, with the highest APR rate in the state, which you usually will get at physical stores of Idaho payday loan lenders.
- Loan Amount: $600
- Loan Term: 31 days
- APR (Annual Percentage Rate): 780%
- Total Repayments: $581.86
- Cost of Loan: $231.86
If you need any tips or further assistance or have any questions concerning payday loans in the state of Missouri, we will gladly take out your queries on our Contact us page. Our customer support members work with dedication and efficacy, so you will receive a reply within a few hours.