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Business Loan Exploring Installment Loans in Dudley, Missouri: Everything You Need to Know
If you are in need of quick cash in Dudley, Missouri, you may have considered installment loans. Installment loans are legal in Missouri and are becoming increasingly popular among residents. In this article, we will dive into the world of installment loans, providing you with all the necessary information to make an informed decision.
What are Installment Loans?
Installment loans are personal loans that are paid back over a set period through a series of scheduled payments. These loans differ from other types of loans, like payday loans, in that they are typically paid back in larger sums over a longer period of time.
Installment loans are obtainable through banks, credit unions, and online lenders. These loans provide a means of financing large expenditures, like buying a car, funding home improvements, or consolidating debt.
How Do Installment Loans Work in Missouri?
In Missouri, the legal maximum for installment loans is $5,000. The length of these loans can vary but typically span from 61 days up to 2 years. Interest rates on installment loans in Missouri are regulated by state law and cannot exceed 75 percent for loans under $1,500. Loans worth more than $1,500 have different interest rates, depending on the amount borrowed.
While the interest rates may seem high, installment loans can offer a lower interest rate than payday loans, particularly if you have good credit. Repaying installment loans in Missouri on time can actually help improve your credit score.
The Pros and Cons of Installment Loans
Like all loans, installment loans have both advantages and disadvantages. Here are some of the key benefits:
- Installment loans provide immediate access to funds when needed.
- They can be an affordable alternative to credit card debt, which can carry higher interest rates.
- Installment loans can help improve your credit score as long as payments are made on time.
However, it’s important to carefully consider the potential drawbacks as well:
- Interest rates on installment loans can vary widely, and borrowers with lower credit scores may face higher rates.
- A missed payment may harm your credit score and can result in additional fees and interest charges.
- Depending on the lender, installment loans may come with prepayment penalties.
Interesting Facts About Installment Loans in Missouri
- According to the Center for Responsible Lending, the average Missouri payday loan has an interest rate of 455 percent, compared to around 300 percent for installment loans.
- Missouri has more payday lenders than McDonald’s franchises, with over 1,000 stores in the state.
- In 2018, Missouri voters rejected a ballot initiative that would have capped interest rates on payday and installment loans at 36 percent.
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If you’re ready to apply, simply visit our website and fill out our safe and secure online application today.