Best Missouri Payday Loan

General Overview/Understanding payday Loans:

Opinions are divided on whether the payday is a good thing or not. Some people see this loan as a trap which is bound to lead the borrower into an endless pit of debt. Other people see the payday loan as a truly beneficial loan because it can help the borrower solve pressing financial problems. The jury is still out on this topic but there are pros and cons for each side of the argument.

Overview of the Missouri Payday Loan Regulation:

In Missouri, payday loans are also called “small, small loans”. These are loans which are $500 or less and the loan companies must be registered and licensed by the state’s Division of Finance. There are limits on interest, fees and other charges on initial loans by the state. Missouri law also insists on the publication of a report on the payday lending industry every two years.

Maximum Amount of Loan Allowed in Missouri:

Missouri law places a lending limit of $500 on all payday loans. The state also allows parties to set interest rates by contract and this is why this state has some of the highest APR in the country. The state also places a cap of 75% of the amount borrowed. This means that payday companies in the state cannot charge more the 75% in fees and interest on any initial loans they give their customers.

Terms of the Missouri Payday Loan:

The terms of the payday loan in this state are clearly stipulated and lenders are advised to abide by these rules. The loan should not exceed $500 and it should not be renewed more than six times. The states also limits the term of the loan to 14-31 days. The loan company is free to apply daily interest calculations to the transaction.

Extensions of the Missouri Payday Loan:

According to the law, payday loans in this state cannot be renewed more than six times. The law is silent on extension fees so most payday companies in the state charge fees for extensions. Customers who want extensions need to pay the extension fee and the monthly fee as well as the APR for the month.

Fees and APR for Payday Loans in Missouri:

The law states that loan companies may not charge fees in excess of 75% of the initial loan amount. The law also states that the parties to a payday loan can set the rate by contract. This gives the payday loan companies in Missouri a lot of leeway. Most companies charge $12.5-$15 per month on loans. The APR for a $100 for just 14 days is 1980% and this is considered very high.

Conclusion:

Payday loans in Missouri are regulated by the state. Generally, the rates and charges are considered very high. If the borrowers repay the loan on time, they can cope with the charges.

Best Missouri Payday Loan

The best payday loans in Missouri are here. Check them out and apply online. You can do it now.

No
Provider
Review
APR
Visit Site
1
AmeriAdvance
Varied
Go to AmeriAdvance
2
Paydaymax
431.79%-616.85%
Paydaymax
3
Plain Green Loans
59.84% �?378.95%
Go to Plain Green Loans
4
MyCashNow
401.13%-573.05%
MyCashNow
5
Discount Advances
401.13%-573.05%
Discount Advances
6
100 Day Loans
36%�?51.79%
100 Day Loans
7
Cashnet USA
243.25%�?83.04%
Cashnet USA
8
Check City
Varied
Check City
9
Cash Central
Varied
Cash Central
10
CashAdvance
Varied
Go to CashAdvance.com
You can leave a response, or trackback from your own site.

Leave a Reply

You must be logged in to post a comment.