The Best Loans in Missouri 2022: Compare Loan Rates

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.

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.

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.

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.