Payday Loans in Augusta, Missouri: Bad Credit Will Not Prevent You from Getting a Loan
When a financial crisis hits, it is natural to look for quick and easy ways to solve the problems. In Augusta, Missouri, one of the options is to apply for a payday loan. Payday loans are short-term loans that allow borrowers to access a small amount of money to cover unexpected expenses. While payday loans can be advantageous for those who need them, it is important to understand the terms and potential risks of such loans before signing on the dotted line.
What is a payday loan?
A payday loan is a short-term loan that typically lasts for two weeks. The amount of the loan can range from $50 to $500 or more. The loan is intended to cover unexpected expenses and is typically due on the borrower’s next payday. Payday loans are designed for people who need cash quickly and do not have time to go through the lengthy application process required for a traditional loan.
What are the requirements for getting a payday loan in Augusta, Missouri?
The requirements for getting a payday loan in Augusta, Missouri are relatively simple. Borrowers must be at least 18 years old, have a steady income, and have a valid checking account. Borrowers do not need good credit to qualify for a payday loan. Bad credit will not prevent you from getting a loan, but it may affect the terms of the loan, such as the interest rate and the amount of the loan.
What are the risks of payday loans?
Payday loans come with several risks that borrowers should be aware of. One risk is the high interest rate. Payday loans can have an annual percentage rate (APR) of up to 400%, which is much higher than the average credit card APR of around 17%. This means that if you borrow $100, you will end up paying back $150 or more. Another risk is the short repayment period. If you are unable to repay the loan on your next payday, you may be required to pay additional fees and interest. This can lead to a cycle of debt that is difficult to break out of.
What are some alternatives to payday loans?
There are several alternatives to payday loans that borrowers can consider. One option is to borrow from friends or family. Another option is to apply for a personal loan from a bank or credit union. Personal loans typically have lower interest rates than payday loans, and the repayment period is longer. If you have good credit, you may be able to qualify for a credit card with a low interest rate. You can use the credit card to cover your expenses and pay back the balance over time.
Facts and Statistics about Payday Loans in Augusta, Missouri
- The average payday loan amount in Missouri is $315
- Missouri has the most lenient payday loan laws in the United States, allowing up to six renewals for a payday loan
- In Missouri, the maximum amount of interest that can be charged on a payday loan is 75% of the loan amount
- According to the Missouri Division of Finance, there were 1,275 licensed payday lending locations in Missouri as of March 2019
Apply Now
If you are in need of a payday loan in Augusta, Missouri, TheGuaranteedLoans can help you find a lender. We are a connector service, not a direct lender, and we work with a network of reputable lenders who can provide you with the cash you need. To apply for a payday loan, simply fill out our online application form. Our lenders will review your application and contact you with their offers. If you choose to accept an offer, you can receive your funds as early as the next business day. Apply now and take the first step towards financial security.