Payday Loans in Dover, Missouri: What You Need to Know
Life is full of surprises, and sometimes those surprises can be expensive. Unexpected expenses can leave you short on cash and struggling to make it to your next paycheck. This is where payday loans can come in handy. In the state of Missouri, payday loans are legal, and residents of Dover can take advantage of this convenient option when they need funds in a hurry.
What are Payday Loans?
Payday loans are short-term loans that are designed for individuals who need immediate cash. These loans are typically due on the borrower’s next payday, which is why they are called payday loans. They are designed to be easy to obtain, with no credit check required.
The loan amount is usually based on the borrower’s income, and the lender will typically require proof of income, such as a pay stub or bank statement. The borrower writes a post-dated check for the loan amount, plus any fees and interest, and the lender will cash the check on the due date.
How Do Payday Loans Work in Missouri?
Payday loans are legal in Missouri, but there are some regulations in place to protect borrowers. The state limits the loan amount to $500, and the loan term cannot exceed 31 days. The interest rate is capped at 75%, but lenders can charge additional fees. The total cost of the loan cannot exceed 75% of the original loan amount.
In Missouri, borrowers can only have one outstanding payday loan at a time, and lenders are required to check a statewide database to ensure that borrowers are not taking out multiple loans. Lenders are also required to provide borrowers with disclosures about the loan terms, including the interest rate and any fees.
How to Apply for a Payday Loan in Dover
If you need a payday loan in Dover, Missouri, TheGuaranteedLoans can help connect you with potential lenders. To apply for a loan, you will need to meet the following requirements:
- Be at least 18 years old
- Have a valid government-issued ID
- Have proof of income
- Have an active checking account
Once you have met the requirements, you can fill out an online application on our website. The application will ask for basic personal information, as well as information about your income and employment. Once you submit the application, we will review it and connect you with potential lenders who may be able to offer you a loan.
It is important to remember that TheGuaranteedLoans is a connector service, not a direct lender. We will not provide you with a loan ourselves, but we will facilitate your connection with potential lenders. Once you are connected with a lender, you will work directly with them to complete the loan process.
Interesting Facts and Statistics about Payday Loans in Dover, Missouri
- In a 2019 report by the Missouri Division of Finance, there were 1,602 licensed payday lenders in the state of Missouri.
- In 2019, the average payday loan in Missouri was for $319, and the average borrower had 4.8 loans per year.
- The number of payday lenders in Missouri has decreased in recent years due to increased regulation.
- In Missouri, borrowers have the right to rescind a payday loan within 5 business days of taking out the loan.
The Bottom Line
While payday loans can be a helpful option for those who need immediate cash, it is important to use them responsibly. Make sure you understand the terms of the loan and only borrow what you can afford to repay. If you find yourself relying on payday loans frequently, it may be time to reassess your budget and seek out other options.
Apply Now
If you need a payday loan in Dover, Missouri, TheGuaranteedLoans can help connect you with potential lenders. Fill out our online application today to get started. Remember, we are a connector service, not a direct lender, and we will only facilitate your connection with potential lenders. Apply now to see if you qualify for a payday loan.