Missouri Payday Loans

Mo. Rev. Stat. §§ 408.500 et seq.
Status: Legal

Payday loans are legal in the state of Missouri, pursuant to Mo. Rev. Stat. §§ 408.500 et seq. The number of companies offering payday loans in Missouri currently stands at approximately 814. The initial term rests between 14 and 31 days, with the term usually determined based on the borrower’s pay cycle. In recent years, there has been a trend shift among payday lenders toward installment loans, which offer larger loan amounts and longer payback periods. But payday loans are still available in the state, overwatched by the Missouri Division of Finance.

State Regulations

The borrower can take out $500 or less.  Additionally, any person, firm, or corporation may charge, contract for, and receive interest on the unpaid principal balance at rates agreed to by the parties. No borrower shall be required to pay a total amount of accumulated interest and fees in excess of 75 percent of the initial loan amount on any single loan.

Sections 408.500, 408.505, and 408.506 make up the entire law concerning payday loans (also known as small, small loans), which are loans of $500 or less. Such lenders operating in the state must be licensed by the Division of Finance. Sections 408.500-408.505, and must conspicuously post rates and a borrower who repays a loan before the close of the lender's next full business day pays no interest or fees. Related regulations are found at 20 CSR 1140-11.030 through 20 CSR 1140-11.040. Missouri law also requires the consumer credit section to publish a report every two years on the payday lending industry.

Process

To apply for a payday loan in the state of Missouri, a potential borrower must meet these requirements:

  • Have a Driver’s License, State Issued Photo ID or Passport
  • Have a Recent Pay Stub or Proof of Income
  • Have a Bank Statement
  • Have a Blank Check
  • Have Proof of Social Security Number

Lending Rules*

Lenders in the state of Missouri are legally required to comply by the following limitations according to Mo. Rev. Stat. §§ 408.500 et seq.:

Maximum Loan Amount:
$500
Minimum Length of Loan:
14 days
Maximum Length of Loan:
31 days
Maximum Finance Rate & 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%
Max # 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)
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)
*The information displayed may not be current. For the most recent information, please visit http://www.paydayloaninfo.org/state-information/33.

Regulatory Information

If you have a complaint against a Missouri Cash Advance location you can contact your state regulator below:

Regulator:
Missouri Division of Finance
Address:
Consumer Credit Section, P. O. Box 716 301 W. High Street Jefferson City MO 65102
Phone:
(573) 751-3242
Fax:
(573) 751-9192
Website:


Missouri Lenders

Below you can find Missouri payday loan lenders in the following cities:

Missouri Statistics**

The following information is key demographic data for the state of Missouri from the Census bureau.

Total Population:
6,093,000
Median Household Income:
$48,173
Poverty Rate:
14.8%
Median Gross Rent:
$746
High School Graduate or Higher:
88.4%
Bachelor's Degree or Higher:
27.1%
**The information displayed may not be current. For the most recent information, please visit http://www.census.gov/quickfacts.

Borrow Safely, Borrow Responsibly

As with any state where payday lending is legal, the Missouri Division of Finance does its best to regulate the practices of the in-state payday loan industry. However, the primary responsibility for repaying and responsibly using cash advance loan funds remains with the potential borrower. Any advance of money obtained through a short term loan is not intended to meet long-term financial needs. A payday loan should only be used to meet immediate short-term cash needs. Potential borrowers are encouraged to research the subject thoroughly before committing to taking out a loan, starting by asking how badly the funds are needed, if the loan can be repaid in the set time frame, and if there are other financial options available to the borrower that would allow more time and offer more favorable financial stability, and the answers to these questions will change depending on the individual.

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