Find Payday Loans in Missouri
In 2002, Missouri enacted statutes authorizing cash advance lending. A payday loan is deemed completed under Missouri law if the creditor issues the check for payment or if the borrower qualifies for another loan. The law does not specify how many outstanding loans a borrower can have at one time. In the case of default, a payday advance business can charge collection fees in the form of an NSF fee, reasonable attorney's fees and court costs. Missouri law prohibits a cash advance lender from bringing a criminal action against a customer unless the check was refused because of a stop-payment or closed account.
A borrower may request up to $500 in payday loan funds.
The loan term ranges from 14 to 31 days.
A consumer may extend a check cash advance loan up to six times. Upon each rollover, the borrower must reduce the loan's principal by at least 5%.
Missouri law does not specify maximum finance fees and rates. However, a cash advance business may not charge fees and interest that exceed 75% of the initial loan sum on any one loan and all approved renewals. Otherwise, interest is fixed in accordance with the state's small loan law which allows parties to determine the rate by agreement. The finance fee for a two-week payday loan in the amount of $100 is $75.
The APR for a two-week payday loan valued at $100 is 1980%.