A payday loan is a short term loan, high-cost loan that must be paid back on or before your next payday, whether your income is from employment or government benefits.
In most cases, borrowers write a post-dated check for the full balance of the loan, plus fees. In some cases, borrowers sign over electronic access to their bank accounts to receive and repay the loans.
Payday lenders can do business either by check cashers, finance companies, or credit unions, but most of them are run by small-scale lenders.
Payday loans companies in Missouri
Such companies in Missouri have different ways of operating. Some companies may require borrowers to submit a physical post-dated check, while others may allow electronic access to the borrower’s bank account.
1. A-1 Cash Ad2vance
“A-1 Cash Advance is a full-service Cash Advance and Check Cashing company with eight Central Indiana locations, and one new branch in Murfreesboro, Tennessee. Our mission is to provide our customers with premier online loan products (such as single payday advance) in a courteous and professional manner with honesty and integrity. We are also dedicated to offering the highest level of customer service, knowledge and support to our customers at all times.”
Loans in A-1 Cash Advance terms and fees:
– Loan type: Payday loan
– Loan amount: Up to $1,000
– Loan term: 7–14 days
– Fees and charges: Varies by state
Advantages of A-1 Cash Advance
– Fast and easy application process
– Funds can be deposited into your account as soon as the next business day
– A physical check is not required
2. Americash
“Americash provides cash advance services by partnering with a third-party lender. Our mission is to provide the best possible service to our customers through caring and professional employees who understand your need for financial assistance.”
Loans in Americash terms and fees:
– Loan type: Payday loan
– Loan amount: $100-$1,500
– Loan term: Varies by state
– Fees and charges: Varies by state
Advantages of Americash
– Get money quickly
– Easy application process
– Convenient locations
3. Check Into Cash
“Check Into Cash is a leading provider of consumer financial services, providing customers with convenient, short-term loans, check cashing and debit card services.”
Loans in Check Into Cash terms and fees:
– Loan type: Payday loan
– Loan amount: $50-$1,000
– Loan term: 7 days to 30 days
– Fees and charges: Varies by state
Advantages of Check Into Cash
– Fast and convenient
– No credit check required
4. Check ‘n Go
“Our mission at Check ‘n Go is to be a trusted provider of personal financial solutions. We strive to help our customers manage their finances and meet their short-term cash needs.”
Loans in Check ‘n Go terms and fees:
– Loan type: Payday loan
– Loan amount: $50-$500
– Loan term: Varies by state
– Fees and charges: Varies by state
Advantages of Check ‘n Go
– Fast and convenient
– No credit check required in some states
– Easy application process
5. FastBucks
“We are a leading provider of short-term consumer loans, offering loans and lines of credit.”
Loans in FastBucks terms and fees:
– Loan type: Payday loan, installment loan, or line of credit
– Loan amount: $50-$5,000
– Loan term: Varies by state
– Fees and charges: Varies by state
Advantages of FastBucks
– Fast and convenient
– Easy application process
– No credit check required in some states
Payday loans terms in Missouri
The laws of Kansas also govern personal loans. Please contact Missouri’s financial services division for questions. The minimum payday loan is $5000. These loan periods are varying from two to four weeks. Applicants can submit online or in-store applications for loans. As with installment loan applications, one payday loan is available each.
The fees allowed by law in Missouri are:
– A finance charge not to exceed $75 for each $100 loaned
– 1% per month on the unpaid balance; or $5 per month
– The annual percentage rate for a typical two-week payday loan of $500 is 780%. For comparison, the APR for a typical credit card is 15%.
Missouri Payday Loan Laws:
- Maximum Loan Amount: $500
- Loan Term: 14-31 days
- Maximum Finance Rate and Fees: 15% of check
- Finance Charge for 14-day $100 loan: $15
- APR on 14-day $100 loan: 391%
Can I get the Same Day Approval?
Once approval is completed, the funds are automatically transferred to your bank account within ten business days. Sometimes without credit checks. During your loan application, our loan representative is ready for your assistance. If you’re satisfied with our requirements, we can get you the money within one business day or sooner.
What are the features of payday loans in Missouri?
In general
A payday loan is a short-term, high-cost loan that must be paid back on or before your next payday, whether your income is from employment or government benefits.
Also known as…
Payday loans are also known as cash advances, deferred deposit transactions/loans, and check loans.
About terms
Missouri law prohibits lenders from charging more than an annual percentage rate of 36% for deferred deposit loans, and requires a loan term of at least 14 days. Missouri also imposes a minimum loan amount of $50. Lenders cannot charge more than $75 as a finance charge for each $100
No possibility to roll over the loan
They cannot roll over your loan – most important feature of a payday loan is that it is unsecured, meaning that you do not need to put up any collateral, such as your car or house, in order to get the loan.
Short-term loans
Another important feature of payday loans is that they are short-term loans, which means that you will need to repay the loan within a few weeks or months. This is different from a traditional loan, which can be paid back over a period of years.
Finally
Payday loans tend to have high interest rates. This is because they are considered to be high-risk loans by lenders. However, this also means that you will need to be extra careful about repaying the loan on time, as late payments can lead to even higher interest rates.
Requirements for getting payday loans in Missouri
The requirements for getting a payday loan in Missouri are similar to the requirements in any other state. And, you can apply online. First, you must be at least 18 years old and have a steady source of income. You will also need to have a valid checking account in order to qualify for the loan. Finally, you will need to provide proof of identity, such as a driver’s license or Social Security card.
How to apply for payday loans in Missouri
To apply online for payday loan, just follow these steps.
1. Find a lender
You can find a list of lenders online or in your local Yellow Pages. Be sure to compare multiple lenders before choosing one to work with. You can compare any details you consider important: APR (annual percentage rate), security, fees, customer support and others.
2. Gather the required documents
In Missouri, you’ll need to provide proof of income and residency when you apply for a payday loan. You may also be required to provide bank statements or other financial documents.
3. Apply for the loan
Once you’ve chosen a lender, you can complete an application online or in person and qualify for the loan. Be sure to read over the terms of the loan before you sign any paperwork.
4. Receive your loan
If you’re approved for a payday loan, the money will be deposited into your bank account the same day.
How Can I repay my loan?
In Missouri, you can repay your payday loan by making a payment to the lender in person, by mail, or online. You may also be able to arrange for automatic payments from your bank account. Also, you should always check your credit reports for mistakes.
What documents do I need for a payday loan?
To apply for a payday loan, you’ll need to provide some personal information and financial documents.
Driver’s license or Social Security card
A driver’s license or Social Security card is an identification document. You’ll need to provide one of these when you apply for a payday loan.
Bank statements or other financial documents
You may be required to provide bank statements or other financial documents when you apply for a payday loan. This is so the lender can see how much money you have coming in and going out.
Proof of income
You’ll need to provide proof of income when you apply for a payday loan. This can be in the form of a pay stub, tax return, or other financial document.
10 benefits of a payday loan in Missouri
The benefits of payday loans in Missouri are similar to the benefits in any other state. So, payday loans:
- Are a quick and easy way to get the cash you need when you need it.
- You can usually get a payday loan without having to undergo a credit check.
- Can be used for small purchases or emergency expenses, such as car repairs or medical bills.
- Are typically easy to qualify for, even if you have bad credit.
- Can be paid back in a short period of time, usually within two weeks.
- Typically have low interest rates, making them an affordable option for borrowers.
- Are a convenient way to get cash when you need it.
- Can help you avoid late fees and penalties on bills.
- Can help you avoid bounced checks or overdraft fees.
- Are a convenient way to get cash when you need it.
Risks of taking out a payday loan in Missouri
Payday loans can be a great way to get quick cash when you need it, but there are also some risks involved. Here are some things to keep in mind before taking out a payday loan in Missouri:
High interest rates
This means that you could end up paying back much more than you borrowed, even if you only borrow the money for a short period of time.
More fees
If you can’t repay the loan on time, you may be charged additional fees or your interest rate could go up. This can make it even more difficult to repay the loan.
The possibility of not repaying
You could end up trapped in a cycle of debt if you take out multiple payday loans and can’t repay them.
Don’t build your credit score
Payday loans are not reported to the credit bureaus, so they will not help you build your credit.
There are alternatives to payday online loans that may be a better option for you, such as borrowing from a friend or family member, getting a loan from a credit union, or using a credit card.
What to do if you can’t repay your payday loan
If you can’t repay your payday loan, contact your lender as soon as possible to discuss additional information. You should also check all credit reports for mistakes. You may be able to extend the term or work out a payment plan. If you’re unable to repay your loan, you may also be able to roll it over into a new loan. However, this will likely come with additional fees and interest charges.
Payday loan alternatives in Missouri
There are several alternatives to payday loans that you may want to consider before taking out a loan.
Borrow from a friend or family member
This is probably the cheapest option, but it may not be possible depending on your relationship with the person and your financial situation.
How to borrow from a friend or family member
- Talk to the person you want to borrow from and explain your financial situation.
- Discuss what you can afford to pay back and when you can pay it back.
- Draw up a written agreement that includes these terms.
- Make sure both parties sign the agreement.
- Stick to the terms of the agreement.
Installment loan
There are lenders that offer online installment loans, which allow you to borrow a larger amount of money and pay it back over a longer period of time. This can be a good option if you need a larger loan and can’t repay installment loans in full within a few weeks. Installment loans features vary, so make sure to shop around and compare offers before choosing a lender. Among installment loans’ advantages, we can highlight: a fixed interest rate, a lower APR, and the possibility to choose your own repayment schedule. Maximum loan amount
How to get installment online loans
- Compare online installment loans’ offers from multiple lenders.
- Read the terms and conditions carefully before choosing a lender.
- Choose a lender and apply for an installment loan online.
- Once you’re approved, you’ll typically receive the funds within one business day.
- Repay your loan in installments over the term of the loan.
Title loans
This type of loan allows you to use your car’s title as collateral in order to get a loan. Title loans typically have high interest rates and fees, so they should only be used as a last resort.
How to get a title loan
- Research title loan lenders online and compare offers.
- Choose a lender and apply for a title loan online or in person.
- If you’re approved, you’ll typically receive the funds within one business day.
- Repay your loan plus interest and fees over the term of the loan (from two to four weeks).
Credit card cash advance
Another option is to use a credit card cash advance. This is when you use your credit card to withdraw cash from an ATM. The interest rate on a credit card cash advance is usually higher than the interest rate on your regular credit card purchases, so this should only be used as a last resort.
How to get a credit card cash advance
- Find a bank or ATM that offers credit card cash advances.
- Insert your credit card cash advances into the machine and enter your PIN number.
- Choose the amount of cash you want to withdraw.
- Once you’re approved, the funds will be dispensed into your hand.
- Repay the cash advance plus interest and fees as soon as possible to avoid high interest charges.
Credit union loan
Another option is to get a loan from a credit union. Credit unions are nonprofit organizations that offer their members low-interest loans. You will likely need to be a member of the credit union to qualify for a loan.
How to get a credit union loan
- Find a credit union that you’re eligible to join.
- Apply for membership and open an account with the credit union.
- Once you’re a member, you can apply for a loan from the credit union.
- If you’re approved, you’ll typically receive the funds within one business day.
- Repay your loan according to the terms of the loan agreement.
Other alternatives
There are also some government programs that offer assistance to people in need. You may want to check with your local government office to see what options are available in your area. Also, if you need a loan for the business, you can get small business loan, which can give yoi funding to start your business in the form of venture capital investments.
There are also some non-profit organizations that offer financial assistance to people in need. You may want to check with your local United Way or other organization to see what options are available.
The bottom line
Payday loans can be a helpful way to get quick cash in an emergency, but there are also some risks involved. Make sure you understand all the terms and conditions before taking out a loan. And, if you can’t repay the loan on time, be sure to contact your lender to work out a repayment plan. Finally, consider some alternatives to payday loans before taking out a loan.
FAQ
How many payday loans can you have in Missouri?
There is no limit to the number of payday loans you can have in Missouri. However, it is important to remember that taking out multiple loans can be risky. If you can’t repay the loans, you may end up in a cycle of debt. And, if you take out too many payday loans, it could negatively impact your credit score.
What is the interest rate on a payday loan in Missouri?
The interest rate on a payday loan in Missouri can be as high as 15%. This means that you could end up paying back much more than you borrowed, even if you only borrow the money for a short period of time.
Is it worth taking a payday loan in Missouri or is it better to do it in another state?
There is no easy answer to this question. Loans payday can be helpful in an emergency, but they also come with some risks. You will need to weigh the pros and cons of taking out a payday loan before making a decision.
When should I use installment loan instead of payday loans?
Installment loans are typically better for bigger expenses that you need to pay back over time, while payday loans are more suited for smaller, immediate needs. However, installment loan ultimately depends on your specific financial situation and what you need the loan for. You should compare the interest rates, fees, and repayment terms of both before making a decision.
Do I need to have a loan account to get a payday loan?
No, you do not need to have a loan account to get a payday loan. You will just need to provide proof of income and identity.
How long does it take to get a payday loan in Missouri?
It usually takes only a few minutes to apply for a payday loan in Missouri. Once you are approved, the money will be deposited into your account within 24 hours.