Payday Loans in Purdy, Missouri

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No payday loan companies in Purdy, MO. Consider companies in other cities:

Company nameAddressZip codePhone number
Title Cash 903 S Main St B, Sikeston, MO 63801 +1 (573) 481 - 1144
Arvest Bank 100 E Broadway St, Monett, MO 65708 +1 (417) 235 - 3200
First Federal Bank of Kansas City 8308 NW Prairie View Rd, Kansas City, MO 64151 +1 (816) 741 - 9000
King of Kash 1668 E Sunshine St, Springfield, MO 65804 +1 (417) 450 - 6509
Sun Loan Company 1418 Missouri Blvd Ste C, Jefferson City, MO 65101 +1 (573) 636 - 8708
Urban Bad Credit Loan 231 Highway 7 South, Blue Springs, MO 64014 +1 (816) 597 - 4050
Stern Brothers Valuation Advisors 1044 Main St 501, Kansas City, MO 64105 +1 (816) 471 - 0005
Commerce Bank 89 Main St, Cassville, MO 65625 +1 (800) 453 - 2265
Missouri Title Loans, Inc. 4101-4103 Jeffco Blvd, Arnold, MO 63010 +1 (636) 467 - 7200
Flexicash 509, Huck Finn Shopping Center, Hannibal, MO 63401 +1 (573) 248 - 2156

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Purdy, MO, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Saint Louis, MO, Payday Loans in Saint Peters, MO, Payday Loans in Springfield, MO, 24-Hour Loan in Wentzville, MO, Payday Loans in Ballwin, MO, Online Loans in Blue Springs, MO, Payday Loans in Cape Girardeau, MO and Payday Loans in Chesterfield, MO. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Purdy, MO.

Beautiful sights of Purdy, MO

Payday Loans Available in Purdy, MO By The Following ZIP Codes:

65734

Are Payday Loans Legal In Purdy, Missouri?

Loan Rates and Fees, Laws and Regulations in Missouri.

Missouri Loan Regulations

Legal StatusLegal
Interest Rate (APR, %)443
Maximum Loan Amount$500 or less
Minimum Loan Term14 days
Maximum Loan Term31 days
Number of Rollovers Allowed6
Finance ChargesNo interest and fees in excess of 75% of the initial loan amount on any single loan

Purdy, MO payday loan calculator

Understanding Payday Loans in Purdy, Missouri

For many individuals living in Purdy, Missouri, unexpected expenses can come out of nowhere, leaving them in a stressful financial situation. Around 78% of Americans live paycheck to paycheck, making it challenging to cover unforeseen expenses. This is where payday loans come into play. Payday loans are a type of short-term, high-interest loan that can provide quick cash to cover emergency expenses.

Missouri is one of the states that allows payday loans to exist within its borders. These loans are legal and regulated by Missouri Revised Statutes Section 408.500. This statute places limits on the amount borrowed, the fees charged, repayment terms, and collection practices.

How Payday Loans Work

Payday loans are typically small-dollar loans, often ranging from $100 to $500, and are usually due on the borrower’s next payday or within a few weeks. The borrower must provide proof of employment and income and a post-dated check or access to their bank account to secure the loan.

When the loan is due, the lender cashes the post-dated check or automatically withdraws the loan and fees from the borrower’s bank account. If the borrower can’t repay the loan in full, they may be able to roll it over, extending the loan and incurring additional fees.

Interest Rates and Fees

Missouri law limits the finance charges and interest rates that payday lenders can charge. Lenders may charge up to 75% of the loan value in fees and interest, but the total loan amount cannot exceed $500. Additionally, lenders must offer the borrower an Extended Payment Plan (EPP) option, allowing the borrower to pay off the loan in four equal installments over six weeks with no additional fees.

It’s essential to note that payday loans are expensive and should be considered as a last resort. According to the Consumer Financial Protection Bureau (CFPB), the average payday loan has an Annual Percentage Rate (APR) of around 400%. This extraordinarily high APR means that many borrowers are trapped in a cycle of debt, unable to pay back their loan and forced to take out additional loans to cover the fees and interest accrued.

Applying for a Payday Loan in Purdy, Missouri

If you’re considering a payday loan in Purdy, Missouri, there are several factors to consider. You should evaluate your financial situation, assess whether you can repay the loan on time, and look for reputable lenders.

TheGuaranteedLoans offers an easy and secure online application process for residents of Purdy to receive quick and reliable connections to a trusted payday or title loan lender. Keep in mind that TheGuaranteedLoans is a connector service, not a direct lender, meaning that they work with a network of lenders to provide loan options. You can apply on their website by filling out a simple online form.

Interesting Facts and Statistics About Payday Loans in Purdy, Missouri

  • Missouri law requires a cooling-off period of one business day after the repayment of a payday loan before a borrower can take out another loan.
  • According to the Missouri Department of Insurance, Financial Institutions & Professional Registration (DIFP), the average payday loan in Missouri is $307.
  • The number of payday loan lenders in Missouri declined from 1,275 in 2003 to 630 in 2018.
  • A study by the St. Louis Federal Reserve found that nearly 60% of payday loan borrowers in Missouri take out seven or more loans per year.

Conclusion

Payday loans can be a relief for individuals struggling with unexpected expenses, but can also become a cycle of debt if not used responsibly. Before taking out a payday loan in Purdy, Missouri, consider your options, evaluate your financial situation, and make an informed decision. Always borrow responsibly and ensure that you can repay the loan on time to avoid additional fees and interest.

Apply Now

Need fast cash to cover unexpected expenses? TheGuaranteedLoans can connect you to a trusted payday or title loan lender in Purdy, Missouri. Fill out our online application form to receive quick and reliable options. Remember, we are a connector service, and not a direct lender. We facilitate connections between borrowers and potential lenders so you can make an informed decision.

F.A.Q.

Are there any alternatives to payday loans in Purdy, Missouri?

Yes, there are other short-term loan options available in Purdy, Missouri, such as installment loans or credit union loans.

Are there any restrictions on how payday lenders can advertise in Purdy, Missouri?

Yes, payday lenders in Purdy, Missouri are not allowed to use false or misleading advertising, and must disclose all loan terms and fees clearly and prominently.