Payday Loans in South West City, Missouri

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No payday loan companies in South West City, MO. Consider companies in other cities:

Company nameAddressZip codePhone number
Cash Advance 13080 New Halls Ferry Road, Florissant, MO 63033 +1 (314) 837 - 3900
Speedy Cash 2949 S National Ave, Springfield, MO 65807 +1 (417) 881 - 1710
OakStar Bank 101 S Maple St, Buffalo, MO 65622 +1 (417) 345 - 1889
Courtesy Loans 5 N Lafayette Ave, Marshall, MO 65340 +1 (660) 886 - 9922
Advance America 709 S Jefferson Ave, Lebanon, MO 65536 +1 (417) 533 - 3156
Sun Loan Company 1418 Missouri Blvd c, Jefferson City, MO 65101 +1 (573) 636 - 8708
Quick Cash 2621 N Rangeline Rd, Joplin, MO 64801 +1 (417) 623 - 0888
Capital Loans 1418 Missouri Blvd B, Jefferson City, MO 65109 +1 (573) 632 - 6753
Car Title Loans of America 815 Business Loop 70 E, Columbia, MO 65201 +1 (573) 499 - 1567
OakStar Bank 15774 N, MO-5, Sunrise Beach, MO 65079 +1 (573) 374 - 9500

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in South West City, MO, you can try to find different companies in big cities near by. Check out the following pages here: No Credit Check Loans in Joplin, MO, Payday Loan for Kansas City, MO, Same Day Loans in Lee's Summit, MO, Quick Loan in Liberty, MO, Payday Loans in Saint Charles, MO, Payday Loans in Saint Joseph, MO, Payday Loans in Saint Louis, MO and Payday Loans in Saint Peters, 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 South West City, MO.

Beautiful sights of South West City, MO

Are Payday Loans Legal In South West City, 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

South West City, MO payday loan calculator

Introduction

Payday loans are a type of short-term, high-interest loan that can provide quick cash for those who need it. While these loans can be helpful in emergency situations, they can also cause financial troubles if not used responsibly. In this article, we will explore the world of payday loans in South West City, Missouri, and provide you with all the information you need to make an informed decision about these loans.

What Are Payday Loans?

Payday loans are small-dollar loans that are typically due on the borrower’s next payday. These loans are designed to help people bridge the gap between paychecks when unexpected expenses arise. They are generally easy to obtain, with few requirements other than a source of income and a checking account.

While payday loans are legal in Missouri, they are heavily regulated to protect consumers from predatory lending practices. The maximum loan amount is $500, and the maximum loan term is 31 days. Lenders are not allowed to charge interest that exceeds the equivalent of 75% APR.

How Do Payday Loans Work?

Getting a payday loan in South West City, Missouri is a straightforward process. First, the borrower must fill out an application that includes personal information, employment information, and banking information. The lender will verify the information provided and may require additional documentation.

If the borrower is approved for a loan, the funds are typically deposited into the borrower’s checking account within one business day. On the borrower’s next payday, the loan amount plus fees and interest are automatically withdrawn from the borrower’s account. If the borrower cannot repay the loan, they may be able to roll it over for an additional fee.

Pros and Cons of Payday Loans

There are several pros and cons to consider when deciding whether to take out a payday loan in South West City, Missouri.

Pros:

  • Quick access to cash when you need it.
  • No credit check required.
  • Easy application process.

Cons:

  • High-interest rates and fees.
  • Short repayment term, which can lead to a cycle of debt if the loan is rolled over.
  • May not be suitable for long-term financial needs.

It is essential to weigh these factors carefully before deciding whether to take out a payday loan. If you are in doubt, consider seeking advice from a financial professional.

Regulations and Consumer Protections

In Missouri, payday lenders must be licensed by the state and follow strict regulations to protect consumers. These regulations include:

  • The maximum loan amount is $500.
  • The maximum loan term is 31 days.
  • Lenders cannot charge more than the equivalent of 75% APR in interest and fees.
  • Borrowers are allowed to roll over a loan up to six times but must pay an additional fee each time.
  • Lenders must provide borrowers with a disclosure statement that outlines the terms of the loan.

If you believe that a lender has violated any of these regulations or engaged in unfair or deceptive practices, you may file a complaint with the Missouri Division of Finance.

Interesting Facts and Statistics

According to a 2020 survey by the Missouri Division of Finance:

  • The average payday loan in Missouri is $308.
  • The average APR for a payday loan in Missouri is 455%.
  • In 2019, Missouri payday lenders issued more than 1.6 million loans, totaling over $1 billion in loan volume.

Apply Now

If you need a payday loan in South West City, Missouri, TheGuaranteedLoans is here to help. We are a connector service that can help you find a lender that meets your needs. Fill out our online application today to get started. Remember, we are not a direct lender, and our service is free to use.

Note: Payday loans should only be used for emergency expenses and should be repaid as quickly as possible to avoid high fees and interest. You should also explore other options, such as borrowing from friends or family, before taking out a payday loan.

Conclusion

Payday loans can be a helpful resource in times of financial need, but it is essential to educate yourself about the risks and regulations before taking out a loan. By weighing the pros and cons and understanding the laws in South West City, Missouri, you can make an informed decision that is right for you.

F.A.Q.

What should I do if I cannot repay my payday loan on time in South West City, Missouri?

If you cannot repay your payday loan on time in South West City, Missouri, you should contact your lender immediately to discuss potential options, such as extending the repayment period or rolling the loan over into a new one.

Can I get a payday loan online in South West City, Missouri?

Yes, many payday lenders in South West City, Missouri offer the option to apply for a loan online.