Payday Loans in Browning, Missouri – What You Need to Know
Short-term loans, such as payday loans, are legal in Missouri. These loans are designed to help people who need a small amount of cash to cover unexpected expenses before their next paycheck.
How do Payday Loans Work in Browning, Missouri?
Payday loans are typically for $500 or less and are due on the borrower’s next payday, usually within two weeks. The borrower writes a post-dated check for the loan amount plus fees, which the lender will cash on the due date. If the borrower cannot repay the loan on time, they may be able to extend it for an additional fee.
In Browning, Missouri, payday lenders must be licensed by the Missouri Division of Finance. Lenders are limited to charging a maximum interest rate of 75% per year and a one-time origination fee of up to 5% of the loan amount.
Requirements for a Payday Loan in Browning, Missouri
To qualify for a payday loan in Browning, Missouri, a borrower must:
- Be at least 18 years old
- Have a steady source of income, such as a job or government benefits
- Have an active checking account
- Provide a valid phone number and email address
The Risks of Payday Loans
Payday loans can be a helpful tool for people in need of quick cash, but they can also be a risky option. The high interest rates and fees can make it difficult to repay the loan on time, leading to a cycle of debt.
According to a report by the Consumer Financial Protection Bureau (CFPB), nearly 80% of payday loans are rolled over or renewed within two weeks, and more than 20% of borrowers end up renewing their loans at least ten times.
It’s important to understand the risks of payday loans before taking one out. Borrowers should only take out a payday loan if they are confident they can repay it on time and avoid additional fees.
Interesting Facts about Payday Loans in Browning, Missouri
- In 2020, Missouri borrowers took out more than 1.2 million payday loans with an average interest rate of 462.78% per year.
- The highest number of payday lenders in Missouri are located in St. Louis and Kansas City.
- In Missouri, the maximum loan amount for a payday loan is $500.
Apply Now for a Payday Loan in Browning, Missouri
If you’re in need of a payday loan in Browning, Missouri, TheGuaranteedLoans can help connect you with potential lenders. Our easy online application process makes it simple to get the cash you need, without the hassle of traditional lenders.
Remember, TheGuaranteedLoans is a connector service, not a direct lender. We work with a network of verified lenders to help you find the best loan option for your needs. Apply now and get connected with a lender today!