Payday loans are legal in Missouri.
The maximum amount of bad credit loans in Missouri is $500. Loans are given for the term of 14-31 days.
All interest and fees cannot exceed 75% of the initial loan amount.
Borrowers can get 6 roll-overs.
The laws concerning online payday loans in Missouri are the softest.
Payday loans in the state of Missouri are regulated by Mo. Rev. Stat. 408.500 et seq.
All payday lenders must have a license issued by the state’s Division of Finance.
One loan at a time is allowed at a time.
The total amount of all interest and fees is 75% of the initial loan amount.
The APR in Missouri is the highest – in some cases it reaches 1950%.
Criminal actions against borrowers are prohibited in Missouri.
Insufficient funds result in fees collected via Automated Clearing House (ACH) transactions.
Missouri Payday Loan Regulations:
|Minimum Loan Amount||
|Maximum Loan Amount||
|Minimum Loan Term||
|Maximum Loan Term||
|Interest Rate (APR)||443% APR|
|Finance Charges||No interest and fees in excess of 75% of the initial loan amount on any single loan|