Missouri State - Payday Loans Information

Payday loans are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.

Legal Status: Legal

Loan Terms:

Maximum Loan Amount: $500

Loan Term: 14-31 days

Maximum Finance Rate and Fees: Not Specified (No borrower shall be required to pay a total amount of accumulated interest and fees in excess of 75% of the initial loan amount on any single authorized loan for the entire loan term and all authorized renewals. Otherwise, interest is set pursuant to small loan law which provides that parties may set rate by contract.)

Finance Charge for 14-day $100 loan: $75

APR for 14-day $100 loan: 1950%

Debt Limits:

Maximum Number of Outstanding Loans at One Time: No more than $500 to any one lender at one time

Rollovers Permitted: Six (borrower must reduce principal amount of loan by 5% or more upon each renewal)

Cooling-off Period: N/A

Repayment Plan: N/A

Collection Limits:

Collection Fees: NSF fee; Collection costs (including court costs and reasonable attorney's fees) Licensee cannot use a series of ACH transactions to collect a single check.

Criminal Action: Prohibited (Unless check returned due to closed account or stop-payment by maker)

Call for Cash: +1 (855) 462-5019

State Rate & Fee Regulations

To Find Legal Status of Payday Loans by State. Get matched with direct lender Start application now!