What You Need to Know About Payday Loans in Bogard, Missouri
Payday loans can be a great solution for those who need cash quickly, but it’s important to understand the laws and regulations surrounding them in your area. In the state of Missouri, payday loans are legal, so long as certain requirements are met. Here’s what you need to know about payday loans in Bogard, Missouri.
The Basics of Payday Loans in Missouri
A payday loan is a short-term loan typically for a small amount of money. In Missouri, payday loans can be up to $500. The lender will typically require the borrower to write a post-dated check for the loan amount plus any fees, which the lender can cash on the due date. Alternatively, the borrower may authorize the lender to withdraw the loan amount plus fees from their bank account on the due date.
Missouri law requires that payday loan terms be no shorter than 14 days, and no longer than 31 days. Additionally, the lender may charge fees equal to up to 75% of the loan amount, capped at $75. For example, if you take out a $100 loan, the lender may charge you up to $75 in fees, making your total loan amount $175.
Requirements for Payday Loans in Missouri
In order to qualify for a payday loan in Missouri, you must be at least 18 years old and be a resident of Missouri. You will need to provide proof of income and an open checking account. The lender will also check your credit history to help determine your eligibility for the loan.
It’s important to note that Missouri law also limits the number of payday loans a borrower can have. At any given time, a borrower may have no more than $500 in outstanding payday loans from a single lender. Additionally, a borrower may only take out six payday loans in a 12-month period.
Risks and Benefits of Payday Loans
As with any financial decision, there are both risks and benefits to taking out a payday loan. One benefit is that payday loans can provide quick cash when you need it. However, the high fees associated with payday loans can make them a risky choice for some borrowers.
Because the fees associated with payday loans can be so high, borrowers may find themselves in a cycle of debt, needing to take out additional loans to pay off previous ones. Additionally, if you are unable to pay the loan back on time, you may face additional fees and potentially damage to your credit score.
Before taking out a payday loan, it’s important to carefully consider the risks and benefits and make sure you are able to repay the loan on time.
Applying for a Payday Loan in Bogard, Missouri
If you meet the requirements for a payday loan in Missouri, you can apply online, in-person, or over the phone. At TheGuaranteedLoans, we offer an easy online application process that connects you with potential lenders in Bogard and throughout Missouri.
It’s important to note that while TheGuaranteedLoans is not a direct lender, we work with a network of reputable lenders who are licensed to operate in Bogard and throughout Missouri. When you apply through our website, we’ll help connect you with lenders who may be able to offer you a payday loan that meets your needs and budget.
Interesting Facts and Statistics About Payday Loans in Bogard, Missouri
- The average payday loan in Missouri is for $307
- 16% of Missourians have used a payday loan in the past five years
- Bogard residents have access to 2 payday lending locations
Apply Now for a Payday Loan in Bogard, Missouri
Are you in need of cash quickly? Consider applying for a payday loan through TheGuaranteedLoans. Our online application process is fast and easy, and we work with a network of lenders throughout Missouri who may be able to meet your needs.
When you apply through TheGuaranteedLoans, you’ll be connected with potential lenders who can offer you a loan that meets your needs and budget. Remember, payday loans are a short-term borrowing option and should only be used for emergency expenses.
Apply today and get the cash you need to cover your expenses and get back on track financially.