When unexpected expenses come up and you’re short on cash, payday loans can be a helpful option. In Missouri, payday loans are legal, and many borrowers turn to them for relief. If you’re in Harris, Missouri, and considering a payday loan, it’s important to understand the process and regulations surrounding these loans.
What Are Payday Loans?
A payday loan is a short-term, high-interest loan designed to help borrowers bridge the gap between paychecks. Borrowers typically pay back the loan on their next payday, hence the name “payday loan.” These loans usually range from $100 to $500, but some lenders may offer larger amounts.
How Do Payday Loans Work in Harris, Missouri?
In Missouri, payday lenders must be licensed and regulated by the Missouri Division of Finance. To be eligible for a payday loan, you must meet the following requirements:
- Be at least 18 years old
- Have a steady source of income
- Have a valid checking account
- Provide proof of identification
When you apply for a payday loan, the lender will ask for your personal and financial information and may require a post-dated check or authorization to electronically withdraw the loan amount plus fees from your checking account.
Missouri law allows borrowers to take out payday loans for up to $500, with a maximum finance charge of 75% of the loan amount. Lenders are also required to provide borrowers with a written agreement that clearly states the terms and conditions of the loan.
While payday loans can be a quick and easy way to get cash when you need it, they come with high interest rates and fees. If you cannot pay back the loan on time, you may face additional fees and charges, and your credit score could be negatively impacted. It’s important to carefully consider your options and only borrow what you can afford to repay.
Apply Now
If you’re in need of a payday loan, TheGuaranteedLoans is here to help. As a connector service, we work with a network of trusted lenders to help you find the right loan for your needs. Our online application process is fast, secure, and easy to use. Fill out our application now to get connected with a lender and get the cash you need.
Interesting Facts and Statistics About Payday Loans in Harris, Missouri
- Missouri has some of the least restrictive payday loan laws in the country, with lenders able to charge up to 1,950% APR on a 14-day loan.
- In Harris, Missouri, there are several payday lending storefronts offering loans to borrowers.
- The average payday loan amount in Missouri is $307, with an average fee of $53 per loan.
- According to a 2019 report by the Consumer Financial Protection Bureau, 80% of payday loans are rolled over or renewed within two weeks, and nearly a quarter of all payday loans are rolled over nine times or more.
While payday loans can provide short-term relief for those in need of cash, they should be used sparingly and only after careful consideration of the costs and risks involved. Borrowers should also be aware of their rights and protections under Missouri law and work with trusted lenders and connector services like TheGuaranteedLoans. Apply now to get connected with a lender and get the cash you need.