Payday loans are a popular way for people to get quick cash, especially for those who are facing unexpected expenses or financial emergencies. Latham, Missouri is one of the many areas in the United States where payday loans are legal.
What are Payday Loans?
Payday loans are short-term, high-interest loans that are typically due on the borrower’s next payday. These loans are usually for small amounts, ranging from $100 to $1,500, and are given to borrowers who have a steady source of income and a checking account. The loan is generally repaid by the borrower’s next payday, along with interest and fees.
How do Payday Loans Work in Latham, Missouri?
In Latham, Missouri, payday loans are legal, but there are some regulations in place to protect borrowers. Lenders are required to be licensed by the Missouri Division of Finance and must follow specific guidelines regarding loan amounts, interest rates, and fees.
Interest Rates and Fees
In Missouri, the maximum interest rate for payday loans is 75% of the loan amount. This means that for every $100 borrowed, the interest cannot exceed $75. Lenders are also allowed to charge a fee, and the maximum fee is $75 for a $100 loan.
Repayment
Borrowers in Latham, Missouri have a maximum of 14 days to repay a payday loan. If the loan is not repaid on time, the lender can charge additional fees or roll the loan over into a new loan.
The Pros and Cons of Payday Loans
Payday loans can be a great way to get the cash you need quickly, but they also come with some risks.
- Pros:
- Quick and easy access to cash
- No credit check required
- Can be used for almost any purpose
- Cons:
- High interest rates and fees
- Short repayment period
- Can lead to a cycle of debt
Interesting Facts and Statistics about Payday Loans in Latham, Missouri
Did you know that according to the Missouri Division of Finance, there were over 1.2 million payday loans issued in Missouri in 2020? The average loan amount was $330, and the average interest rate was 463%. These numbers show just how popular payday loans are in Missouri, but they also highlight the importance of being aware of the risks associated with these types of loans.
Apply Now
If you need cash quickly and are considering a payday loan, remember that TheGuaranteedLoans is here to help. As a connector service, we work with a network of reputable lenders to help you find the best loan options for your needs. Fill out our online application today to get started!