Payday Loans in Robertsville, Missouri
Payday loans are small, short-term loans often used to cover unexpected expenses or to bridge the gap between paychecks. These loans are available in many states, including Missouri, and can be a helpful financial tool for those who need them. In this article, we will explore payday loans in Robertsville, Missouri, and what you need to know before taking one out.
Legal Status of Payday Loans in Missouri
Payday loans are legal in Missouri, and lenders must be registered and licensed with the Missouri Division of Finance. The maximum amount you can borrow is $500, and lenders can charge up to 75% of the loan amount in fees and interest. The loan term can be between 14 and 31 days, and you can only have one loan out at a time.
Benefits of Payday Loans
Payday loans can be a helpful financial tool in some situations. Here are some of the benefits they offer:
- Quick access to funds: Payday loans can often be processed and approved quickly, giving you access to the money you need when you need it.
- No credit check required: Payday lenders typically don’t require a credit check, so those with poor credit can still be eligible to apply.
- No collateral necessary: Payday loans are unsecured, meaning you don’t need to put up collateral like a car title or house deed to get approved.
Costs of Payday Loans
While payday loans can be helpful in certain situations, they come with some significant costs. Here are some of the costs associated with payday loans:
- High interest rates: Payday loans can have interest rates that are significantly higher than other types of loans. In Missouri, lenders can charge up to 75% of the loan amount in fees and interest.
- Short repayment terms: Payday loans typically have repayment terms of two weeks to a month, which can be difficult for some borrowers to meet.
- Potential for repeat borrowing: Because payday loans are short-term and come with high fees and interest rates, some borrowers may find themselves unable to pay off the loan and end up taking out additional loans to cover the costs.
Applying for a Payday Loan
If you decide to apply for a payday loan in Robertsville, Missouri, there are a few things you will need to do. Here’s what you can expect:
- Gather required documents: You will need to provide your ID, proof of income, and bank account information when you apply for a payday loan.
- Fill out an application: You can typically apply for a payday loan online or in person. The application will ask for your personal and financial information.
- Receive approval: If you are approved for a payday loan, the lender will let you know the amount you are eligible to borrow and the fees and interest rates associated with the loan.
- Receive funds: Once you accept the terms of the loan, the funds will be deposited into your bank account, typically within one business day.
Interesting Facts and Statistics about Payday Loans
Here are some interesting facts and statistics about payday loans:
- The average payday loan borrower takes out eight loans per year.
- In 2019, the average payday loan had a 391% interest rate.
- Missouri has more payday lenders than McDonald’s, Starbucks, and Wal-Mart locations combined.
Apply Now
If you need a payday loan in Robertsville, Missouri, TheGuaranteedLoans can help you find a lender. We are a connector service and not a direct lender, meaning we work with a network of lenders to help you find the loan that’s right for you. Fill out an online application on our website today to get started.