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Business Loan Installment Loans in Lake Spring, Missouri: Making Your Money Work for You
Do you need cash fast to cover an unexpected expense? Maybe you’re looking for a way to finance a necessary purchase, but you don’t have the funds available at the moment. No matter the reason, if you’re a resident of Lake Spring, Missouri, you have several options for getting the financial help you need. One such option is taking out an installment loan.
What is an Installment Loan?
Installment loans are a type of loan that is repaid over time with a set number of payments. Unlike payday loans that must be repaid in full on your next payday, installment loans allow you to repay the loan over a period of weeks or months. Installment loans are often used to finance larger purchases or to cover unexpected expenses without having to dip into your savings account.
How Do Installment Loans Work in Missouri?
Installment loans are legal and popular in Missouri. In fact, according to the Missouri Division of Finance, installment loans comprised over 20% of all small dollar loans made in the state in 2019.
When you apply for an installment loan in Missouri, you’ll typically be asked to provide proof of income, proof of residency, and a valid government-issued ID. Lenders will use this information to determine if you qualify for a loan and how much you can borrow.
Missouri law restricts the amount of interest and fees that can be charged for installment loans. Lenders can charge up to 75% in interest and fees on the initial loan amount and up to 10% on any payments that are more than 10 days late. Additionally, lenders must provide clear and transparent information about the total cost of the loan, including interest and fees.
Benefits of Installment Loans
- Flexibility: Installment loans give you the flexibility to repay the loan over time in smaller, more manageable amounts.
- Predictability: With a set repayment schedule, you’ll know exactly when your loan will be paid off and how much you’ll owe each month.
- Lower interest rates: Compared to payday loans, installment loans typically have lower interest rates and fees.
- Improved credit: Making on-time payments on an installment loan can help improve your credit score.
Interesting Facts and Statistics
- In 2019, over 600,000 payday and installment loans were made in Missouri with a total loan volume of over $1.3 billion.
- The average installment loan amount in Missouri is $1,195.
- Missouri has some of the most borrower-friendly small dollar loan laws in the country.
Apply Now
Ready to get started? TheGuaranteedLoans can help you connect with potential lenders who can provide you with the financial assistance you need. As a connector service, we work with a network of trusted lenders who can offer competitive rates and flexible repayment terms. Fill out our online application today and get the help you need to make your money work for you.
Note: TheGuaranteedLoans is not a direct lender. We do not make credit decisions or issue loans. Instead, we facilitate connections between borrowers and potential lenders.