Payday loans are one of the fastest ways to get quick cash. With how conventional types of loaning schemes are set up, getting a cash advance online used to be unthinkable. But not anymore. Payday loans are a monetary remedy that has come to stay, and you can easily get them online with no hassle. They are an ideal answer for your monetary woes.
Loan Packages Available in Missouri
Payday loans are momentary credits taken against your paycheck without evaluating your credit score. In Missouri, your ability to pay back the loan is not checked. However, don’t get yourself into an endless loop of debt.
|Minimum Loan Amount||None|
|Maximum Loan Amount||$500|
|Minimum Loan Term||14 days (2 weeks)|
|Maximum Loan Term||31 days|
|Maximum Annual Percentage Rates (APR)%||Must not exceed 1950%|
|Additional Fees||Not declared|
|Collateral or guarantor||None|
|Non-Sufficient Fund (NSF) Fees||None|
|Number of Simultaneous Loans||Not restricted but mustn’t exceed $500 from a lender|
|Rollover||Six (6) rollovers|
|Extension, repayment plan||Not permitted|
|Default Penalties||Criminal actions are prohibited|
|Credit Score Requirements||Accessible for bad credit|
Installment loans are settled in installments, usually monthly. Like payday loans, you can obtain this loan for financial emergencies that involve a larger sum of money like medical bills.
|Minimum Loan Amount||$1, 000|
|Maximum Loan Amount||$5, 000|
|Minimum Loan Term||90 days|
|Maximum Loan Term||36 months (three years)|
|Annual Percentage Rates (APR%)(Minimum)||6.63%|
|Collateral or Guarantor||None|
|Credit Score Requirements||Unrestricted for low credit score.|
Personal loans are for your personal use. Want to get a new car, a new home, or a family trip? This is the loan scheme for you. You can get up to $35,000 in personal loans.
|Loan Amount (Minimum)||$1,000|
|Loan Amount (Maximum)||$35,000|
|Minimum Loan term||90 days|
|Maximum Loan term||60 months/5 years|
|Minimum Annual Percentage Rates (APR%)||4.99%|
|Collateral or Guarantor||None|
|Credit Score Requirements||Your credit score doesn’t matter|
Are Payday Loans Allowed in Missouri?
Payday loans are authorized in Missouri, and Missouri’s Division of Finance must license all lenders before operating. If you want to obtain a payday loan, you are entitled to this license and a copy of your loan contract.
Payday Loans Substitutes in Missouri
Title loans allow you to collect cash against the worth of your car. You have a low-interest rate, more money, and a longer repayment time with a set installment plan.
Lending from family and friends
An excellent place to get emergency cash is from our close pals and family members. To avoid jeopardizing your relationship, map out a written agreement to show your genuine willingness to pay back and discuss default punishments.
Loans from credit unions
If you are a credit union member, you will have access to low-interest loans and receive steady financial help and advice from other members. Before you take out a cash advancement, your income will be gauged to avoid taking out a loan you can’t pay back.
How to Apply for a Payday Loan in Missouri
Payday loan applications are seamless. All you have to do is:
- Ascertain you have met all the laid out requirements
- Apply online on our website in five minutes.
- Receive a fast response clarifying if your loan has been approved or refuted.
- If your loan is approved and you applied early in the day, you can get your loan on the same day after signing the loan contract. If not, you will get it on the next business day.
- Repay on your due date. Note that you can pay back your loan earlier than the stated due date. You won’t be given any punishment.
Everything You Need to Get a Payday Loan in Missouri
- No less than 18 years old.
- Have a verifiable Social Security Number (SSN), email, and telephone number.
- A checking account that has been active for at least one month.
- A stable income source.
An APR% Calculation of A Missouri Loan Fee
When you obtain a $200 payday loan with a minimum of 14 days in MO, you will have an interest rate of:
Annual Percentage Rate (APR%): 430%
Loan procured: $200
Finance charge (for 14 days):$15 3= $45
To return: $245
APR% Calculation= $45/$200= 0.225 * 365 days = 82.125/14= 5.866
Can you get a payday loan in Missouri?
Yes, payday loans are allowed in Missouri.
How many payday loans can you have in Missouri?
You can only obtain one payday loan at a time in MO.
What will stop you from getting a payday loan?
Your employment history can play a significant role. If your income is unsteady, your loan request can be denied.
Can you go to jail for not paying a payday loan in Missouri?
You can not go to jail for not paying your payday loan. Criminal actions against you are not permitted in MO.