Payday Loans in Turners, Missouri: A Comprehensive Guide
Payday loans are a type of short-term loan that can help you bridge financial gaps until your next payday. In Turners, Missouri, payday loans are legal. However, as with any financial product, it’s important to know the risks and benefits associated with payday loans before applying for one.
How Payday Loans Work
Payday loans are typically small-dollar loans, with amounts ranging from $100 to $1,000. These loans usually have a term of two weeks to one month, and they come with high interest rates and fees. To apply for a payday loan, you’ll need to provide proof of income and a valid ID.
If your application is approved, you’ll receive the loan amount in your bank account within one to two business days. When your loan is due, the lender will automatically withdraw the loan amount plus fees and interest from your bank account. If you’re unable to repay the loan, the lender may charge additional fees and interest, and you may incur overdraft fees from your bank.
The Benefits of Payday Loans
Payday loans can be helpful in emergency situations when you need quick access to cash. For example, if your car breaks down and you need it repaired in order to get to work, a payday loan can help you cover the repair costs until your next paycheck. Payday loans can also be useful for people with poor credit, as they often don’t require a credit check.
The Risks of Payday Loans
While payday loans can be helpful in emergencies, they come with significant risks. The high interest rates and fees associated with payday loans can make them difficult to repay, and can lead to a cycle of debt. In fact, the Consumer Financial Protection Bureau reports that the average payday loan borrower takes out 10 loans per year, and spends nearly 200 days in debt.
In addition to the risk of debt, payday loans can also lead to other financial problems. For example, if you’re unable to repay the loan, the lender may sell your debt to a collection agency, which can impact your credit score. And if you’re charged overdraft fees from your bank, these fees can add up quickly and make it even more difficult to repay the loan.
Payday Loans in Turners, Missouri
While payday loans are legal in Missouri, the state does have regulations in place to protect consumers. For example, payday lenders must be licensed by the Missouri Division of Finance, and they’re required to follow certain rules when it comes to interest rates and fees.
In Missouri, lenders are permitted to charge up to 75% of the loan amount in interest and fees. This means that if you borrow $100, you could be charged up to $75 in interest and fees. Additionally, lenders are required to disclose the total cost of the loan, including any fees, upfront.
Interesting Facts about Payday Loans in Turners, Missouri
- Missouri has the second-highest number of payday loan storefronts per capita in the United States, with 5.85 stores per 10,000 residents.
- The average payday loan APR in Missouri is 462%, which is nearly three times higher than the state’s legal interest rate cap of 16%.
- In 2019, Missouri payday lenders made 1.6 million loans, with an average loan size of $315.
Apply Now
If you’re considering a payday loan in Turners, Missouri, TheGuaranteedLoans can help connect you with potential lenders. We’re a connector service, not a direct lender, and we can help you find lenders who may be willing to work with you, regardless of your credit history. To get started, simply fill out our online application form.
Remember, payday loans can provide you with quick access to cash when you need it, but they come with significant risks. Before applying for a payday loan, it’s important to understand the risks and benefits associated with this type of loan, and to make sure you can afford to repay the loan on time.