What are Payday Loans in Hurley, Missouri?
Payday loans are short-term, high-interest loans designed to help individuals cover immediate expenses until their next paycheck. These loans are typically under $500 and have a term of two weeks to one month.
In Hurley, Missouri, payday loans are legal and can help people in emergency situations. However, it’s important to fully understand the terms and agreements of these loans and their potential risks before taking one out.
The Pros and Cons of Payday Loans in Hurley, Missouri
Pros:
- Easy and quick to obtain
- No credit check required
- May be able to obtain with bad credit
- Can help cover immediate expenses like rent, bills, and medical bills
- Can potentially avoid late fees and bounced check fees
Cons:
- High interest rates and fees
- Can lead to a cycle of debt if not paid off on time
- May cause financial strain if not taken out responsibly
- May impact credit score if not paid on time or in full
- May be subject to aggressive collections tactics if not paid on time
It’s important to consider both the advantages and disadvantages of payday loans in Hurley, Missouri before deciding to take one out.
What Are The Fees and Interest Rates for Payday Loans in Hurley, Missouri?
In Hurley, Missouri, the maximum amount for a payday loan is $500. The Missouri Division of Finance regulates the fees and interest rates that can be charged on these loans.
For loans under $100, the maximum fee is $15 for every $100 borrowed. For loans between $100 and $200, the maximum fee is $25 for every $100 borrowed. For loans over $200, the maximum fee is $25 for every $100 borrowed plus an additional $10 per $100 borrowed over $200.
The maximum interest rate that can be charged on a payday loan in Hurley, Missouri is 75%. This rate includes all fees and charges associated with the loan. Therefore, the total amount repaid on a $100 payday loan with a $15 fee would be $130.
Interesting Facts and Statistics About Payday Loans in Hurley, Missouri
- In Missouri, there are over 1,100 payday lenders operating as of 2019.
- Missouri has an average payday loan interest rate of 450%.
- In Hurley, Missouri, there are several payday loan companies located throughout the city.
- According to the Missouri Department of Finance, over 2 million payday loans were issued in Missouri in 2019 for a total of over $1 billion.
- One out of every six Missourians has used a payday loan at some point, according to a study by the Pew Charitable Trusts.
Apply Now
If you’re in need of a payday loan in Hurley, Missouri, TheGuaranteedLoans can connect you with potential lenders in your area. Our online application process is quick and easy, and we’re here to help you get the funds you need for emergency expenses.
Keep in mind that TheGuaranteedLoans is not a direct lender and does not make credit decisions. Instead, we work with you to match you with potential lenders based on your needs and qualifications.
So if you’re looking to apply for a payday loan in Hurley, Missouri, visit our website today and start your application process.