Payday loans in Stanton, Missouri – Everything you need to know
Getting a payday loan in Stanton, Missouri is one way to address a short-term financial crisis. Like in most states in the USA, the payday lending industry is legal here and regulated by Missouri Revised Statutes Chapter 408.500 et seq. This law provides consumer protection measures such as capping the maximum loan amount and mandating certain loan terms and conditions.
What is a payday loan?
A payday loan is a short-term, unsecured loan that is typically meant to help bridge a borrower’s financial gap until their next payday. It is a way for borrowers to access a small amount of cash quickly, without the need for a credit check or collateral. Most payday loans have a repayment term of two weeks to a month or until the borrower’s next payday. Interest rates and fees can be quite high for these loans, so borrowers need to be careful to weigh the risks and benefits of taking out a payday loan before applying.
Eligibility for Payday loans in Stanton, Missouri
In Stanton, Missouri, regulations for payday loans require lenders to follow some specific rules when issuing these loans. To obtain a payday loan in Stanton, a borrower must:
- Be at least 18 years old
- Have a valid ID
- Show proof of income
- Have an active checking account
- For online applications: provide a social security number
The cost of Payday loans in Stanton, Missouri
As mentioned earlier, payday loans can be expensive, so borrowers must be aware of the costs before applying. Lenders in Stanton are permitted to charge a maximum of 75% of the original loan amount in fees and interest. For a $100 loan, this would mean fees and interest of up to $75. The APR for payday loans in Stanton may exceed 400%, so it is crucial that borrowers understand all the terms and fees associated with the loan before taking it out.
Interesting facts and statistics about Payday loans in Stanton, Missouri
- According to the Missouri Division of Finance, there were over 1.6 million payday loans issued in the state in 2019, for a total loan amount of over $1 billion. This indicates that payday loans are popular in Missouri.
- Out of the 1.6 million payday loans in 2019, an estimated 250,000 loans were issued in the St. Louis area, which includes Stanton.
- A report from the Center for Responsible Lending shows that the average APR for payday loans in Missouri is 462.78%.
- According to the same Center for Responsible Lending report, Missouri borrowers pay an average of $95 in fees and interest for a $300 payday loan.
Apply Now
At TheGuaranteedLoans, we specialize in connecting borrowers with payday lenders in Stanton, Missouri and beyond. As a matchmaking service, we help you compare different lenders and find the best loan terms and rates that match your needs and financial situation.
To apply for a payday loan, simply visit our website and fill out the online application. Be sure to have the required documents ready, and we will do the rest. Once we receive your application, we will match you with the most appropriate lenders in Stanton and get back to you with offers that match your financial needs.
Please note that TheGuaranteedLoans is not a direct lender, nor do we make credit decisions. We are a connector service, and our goal is to help you connect with lenders who offer payday loans in Stanton, Missouri. We operate in compliance with state and federal laws and always prioritize borrower protection and responsible lending practices.
Conclusion
A payday loan can seem like a quick fix for a financial emergency, but it can also be a slippery slope to a vicious debt cycle. Before applying for a payday loan, it is important to understand the costs, fees, and interest rates associated with such loans. At TheGuaranteedLoans, we are here to help connect you with lenders who understand the Missouri payday lending laws and offer the loan products that best match your financial situation. We prioritize responsible lending and borrower protection and will always work to find you the most favorable loan terms possible.