Introduction
Payday loans can be a useful resource for those who need extra cash in a hurry. However, it’s important to understand how these loans work and the laws that govern them in certain states. Here, we’ll delve into the details of payday loans in Wheatland, Missouri.
What exactly is a payday loan?
A payday loan is a loan that gives you access to cash in exchange for a post-dated check or an electronic debit from your bank account. These loans are typically short-term and can be used to cover unexpected expenses or bills between paychecks. Unlike traditional loans, payday loans are usually due on your next payday, which is why they’re called payday loans.
How payday loans work in Missouri
In Missouri, payday loans are legal and the state has laws that regulate these loans. Lenders must be licensed and must display their license in their storefronts or on their websites. The maximum amount that can be borrowed is $500 and the loan term must be at least 14 days but cannot exceed 31 days. The interest rate on payday loans in Missouri is capped at 75%. This means that if you borrow $100, the maximum interest you can be charged is $75. Additionally, borrowers are allowed to take out up to six loans per year.
Benefits of payday loans in Wheatland, Missouri
Payday loans can be a helpful resource for individuals who are facing unexpected bills or expenses. Unlike traditional loans, payday loans are typically approved quickly, often within a matter of hours. This can be especially helpful if you need cash right away. Additionally, payday loans do not require a credit check, which means that individuals with poor credit or no credit history may still be able to qualify for a loan.
Important considerations before taking out a payday loan
- Interest rates: As mentioned earlier, the maximum interest rate lenders can charge in Missouri is 75%. While this may seem like a lot, it’s important to remember that payday loans are short-term loans. However, you should still carefully consider the interest rate and make sure that you’ll be able to repay the loan in full on your next payday.
- Loan limits: In Missouri, borrowers are limited to borrowing $500 per payday loan. Make sure to borrow only the amount you need and can afford to repay on time.
- Fee structure: Payday lenders may charge additional fees, such as an origination fee or a late payment fee. Make sure you understand all the fees and consider how they’ll impact your ability to repay the loan.
Interesting facts and statistics about payday loans in Wheatland, Missouri
- Missouri is one of 32 states in the US where payday loans are legal and regulated.
- The average payday loan amount in Missouri is $307.
- In 2019, there were over 1.3 million payday loans taken out in Missouri.
- The average interest rate on payday loans in Missouri is 462% APR.
Apply Now
If you’re in need of a payday loan in Wheatland, Missouri, TheGuaranteedLoans can help. As a connector service, we can help you connect with potential lenders who can provide you with the funds you need. Simply fill out an online application on our website and we’ll take care of the rest. Remember, payday loans should only be used as a short-term solution and should be paid back in full on your next payday to avoid additional fees and interest charges.