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Missouri Payday Loans Laws
Apart from being legal, payday lending laws are favorable in this state compared to all the other states. The existing legislation in Missouri was passed in 2002, allowing the flourishing of such businesses.
It can be safely said that this state has got the most lenient laws when it comes to payday lending. Unlike its neighboring states, online installment loans and cash advances are legal in Missouri State. Moreover, interest rates are not keenly monitored by the law.
Payday loans have been part of this state’s economy for many years. They have undoubtedly proved handy for consumers who need quick access to short-term loans.
The Advantages of Online Missouri Loans
What Information Should a Lender Provide to a Borrower?
Information about charges, terms, and APR should be made clear to a borrower prior to the agreement.
Moreover, a lender should also keep on file all the documents concerning lending transactions for at least the past 2 years.
If a lender should decide to stop its operations, the Division of Finance must be notified 10 days in advance of the business’ closure.
He should further provide a formal letter explaining his reason for closing business and hand in the license.
Missouri Payday Loan Regulations
| Legal Status | Legal |
| Interest Rate (APR) | 443% |
| Max. Loan Amount | $500 |
| Min. Loan Term | 14 days |
| Max. Loan Term | 31 days |
| Number of Rollovers | 6 |
| Statute of Limitations | 10 years |
| Database Tracking | No |
To summarize the loan laws in Missouri:
- One loan at a time is allowed
- The maximum loan amount is $500
- Loan term is given for a period of 14 to 31 days
- Interest rate cannot be more than 75%
Since renewals and rollovers are allowed, the APR in Missouri State is the highest. In fact, in some extreme cases, the rate can skyrocket up to 1950%.
Lenders are legally allowed to provide more than 6 rollovers to a single borrower.
Payday lenders are expected to have a license issued by the state’s Division of Finance. The license should be conspicuously displayed on the storefront and should contain all the information regarding the payday lender.
An agreement containing all the transactions should be provided by the borrower to the lender. You should read carefully all the terms and conditions of a loan before signing the contract.
There is room for the cancellation of the contract as long as it is done within the next business day.
Get the Loan You Need
An online personal loan can help when you need cash for large purchases or unplanned expenses.
Criminal Action Laws
Lenders in Missouri State are prohibited from pursuing criminal action against a borrower who fails to repay on the due date. The only exception to this rule is when a borrower closed an account before repayment. Only collection fees are allowed in case of insufficient funds.
In addition, lenders should keep borrower’s information confidential and avoid sharing it with other lenders.
Why Compare Personal Loans at Financer.com
Compare Missouri Loans at Financer.com
Financer.com helps you compare the best personal loans in Missouri and get the best loan rates from leading lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan in Missouri and take the guesswork out of doing all the legwork yourself.
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Missouri Loans - FAQs
Are payday loans legal in Missouri?
Payday loans are allowed in Missouri. However, there is a $500 limit for each loan.
What are the rates for a Missouri loan?
A Missouri loan can be taken from 14 days up to 31 days. All interest and fees should not exceed 75% of the initial loan amount and six rollovers are allowed. All criminal actions against borrowers are prohibited.
What does a payday lender need to operate in Missouri?
Payday lenders are allowed to operate in the state provided they are licensed with the state's Division of Finance. The license should be displayed in a visible place and contain all the information about the payday lender and the business as well as the Division of Finance contact information.
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