Everything You Need to Know About Payday Loans in Fairview, Missouri
In need of some quick cash to cover an unexpected expense? If so, a payday loan may be the solution you need. While these short-term loans may be a controversial topic, they are legal in Missouri, including the city of Fairview. In this article, we’ll walk you through everything you need to know about payday loans in Fairview, Missouri.
What is a Payday Loan?
A payday loan, also known as a cash advance, is a short-term loan designed to help you bridge the gap between paychecks. This type of loan is typically for small amounts, ranging from $100 to $500, and is meant to be paid back within a few weeks.
How Does a Payday Loan Work?
To obtain a payday loan, you will need to provide:
- Proof of income
- A government-issued ID
- A check or bank account information
Once you provide this information, the lender will give you cash, a check, or deposit the funds directly into your bank account. You will then need to repay the loan, plus fees and interest, by your next payday.
What are the Fees and Interest Rates for Payday Loans in Fairview, Missouri?
The maximum amount you can borrow with a payday loan in Fairview, Missouri is $500. Lenders can charge up to 75% of the initial loan amount in interest and fees. For a loan of $100, this would equal $75 in fees and interest.
It is important to note that the interest rates on payday loans can be incredibly high. In Missouri, the average interest rate is 463%, which is significantly higher than the national average of 400%.
What Happens if You Can’t Repay a Payday Loan?
If you are unable to repay your payday loan on time, the lender may offer to extend the loan term. This extension will come with additional fees and interest, which can quickly add up.
If you continue to be unable to repay the loan, the lender may turn the debt over to a collection agency. This can negatively impact your credit score and lead to additional fees and legal action.
It is important to remember that payday loans should be used as a last resort. If you are struggling with debt, there are alternative options available, such as debt counseling or personal loans.
Interesting Facts and Statistics About Payday Loans in Fairview, Missouri
- Missouri is one of 32 states that allow payday lending.
- In 2019, there were 1,285 licensed payday loan locations in Missouri.
- The average loan term for a payday loan in Missouri is 14 days.
- The maximum APR for a $100 payday loan in Missouri is 1,950%.
- The average payday loan borrower in Missouri takes out eight loans per year.
Apply Now
If you find yourself in need of a payday loan, TheGuaranteedLoans can help you find a lender. As a connector service, we will connect you with potential lenders who can provide you with the funds you need.
Remember, we are not a direct lender and do not make loan decisions. We simply facilitate the connection between borrower and lender. Before agreeing to any loan terms, be sure to carefully read and understand the loan agreement.
How to Apply
To apply for a payday loan through TheGuaranteedLoans, simply visit our website and fill out our online application. The application process is quick and easy, and you can receive a loan decision in minutes.
Requirements
To qualify for a payday loan, you will need to meet the following requirements:
- Be at least 18 years old
- Have a valid ID
- Provide proof of income
- Have an active checking account
Conclusion
Payday loans can be a handy solution for those in need of quick cash, but they come with high fees and interest rates. Before taking out a payday loan, be sure to carefully consider your options and ensure that you will be able to repay the loan on time. If you do decide to take out a payday loan, be sure to use a reputable lender and read the loan agreement carefully. And if you have any questions or concerns, don’t hesitate to reach out to TheGuaranteedLoans for assistance.