If you’re a resident of La Grange, Missouri and need a quick infusion of cash, you may be considering payday loans as a short-term financial solution. While payday loans do come with high interest rates and fees, they can be a helpful tool when you’re facing a financial emergency. In this article, we’ll dive into the world of payday loans in La Grange, Missouri, covering everything from how they work to how to apply.
How do payday loans work?
Payday loans are a type of short-term loan that are typically due on your next payday. They’re meant to bridge the gap between paychecks when unexpected expenses arise. Typically, you’ll need to provide proof of income and a valid ID to qualify for a payday loan. The loan amount you’re approved for will depend on your income and other factors determined by the lender.
When you take out a payday loan, the lender will typically require that you write a post-dated check or provide your bank account information. This ensures that they’ll be able to collect the loan amount plus any fees and interest on the due date. If the loan is not paid back in full by the due date, you may be subject to additional fees and interest.
Are payday loans legal in Missouri?
Yes, payday loans are legal in Missouri. However, there are strict regulations in place to protect consumers from predatory lending practices. Missouri law caps the interest rate on payday loans at 75%, and borrowers are limited to one loan at a time. Additionally, lenders are required to provide clear information about the terms and fees associated with the loan.
What are the fees associated with payday loans?
The fees associated with payday loans can vary depending on the lender and the loan amount. Generally, lenders will charge a fee of $10 to $30 per $100 borrowed. This equates to an annual percentage rate (APR) of around 391% for a 14-day loan. Additionally, you may be subject to fees for late or missed payments.
How do I apply for a payday loan in La Grange, Missouri?
If you’ve decided that a payday loan is the right option for your financial needs, the application process is relatively simple. Most lenders will allow you to apply online or in person at a storefront location.
To apply, you’ll typically need to provide proof of income and a valid ID. The lender will also require your bank account information to set up the loan and collect payments. Make sure to read the terms and fees carefully before signing the loan agreement.
Interesting Facts about Payday Loans in La Grange, Missouri
- According to a report by the Missouri Division of Finance, the average payday loan in Missouri is $315, with an average interest rate of 454%.
- In 2019, Missouri lawmakers attempted to pass legislation raising the maximum payday loan amount to $2,500. The bill was eventually vetoed by Governor Mike Parson.
- A 2013 study by the Consumer Financial Protection Bureau found that around 80% of payday loans are rolled over or renewed, leading to additional fees and interest.
Apply Now
If you’ve weighed the options and determined that a payday loan is the right choice for your needs, TheGuaranteedLoans can help connect you with potential lenders. As a connector service, we facilitate the lending process by matching borrowers with lenders who may be able to provide the funds they need. Keep in mind that payday loans should only be used as a short-term financial solution, and you should always read the terms and fees carefully before accepting a loan.
Ready to get started? Fill out our online application today to see what lending options may be available to you.