Payday Loans in Eagleville, Missouri: Everything You Need to Know
Life can be unpredictable, and sometimes unexpected expenses crop up at inconvenient times. Whether it’s a sudden car repair, medical bill, or household expense, not everyone has the luxury of having enough cash on hand to cover unforeseen expenses. This is where short-term loans can help. One such option is payday loans, which are legal in Missouri and can be an effective solution for those in need of quick cash. In this article, we’ll examine everything you need to know about payday loans in Eagleville, Missouri.
How Do Payday Loans Work?
Payday loans, also known as cash advances, are short-term loans that are typically due on the borrower’s next payday. These loans are unsecured, meaning no collateral is required to secure the loan. Borrowers typically provide proof of income and a valid form of identification to apply for a payday loan. If approved, the loan amount is deposited into the borrower’s bank account, and the repayment is automatically deducted from the borrower’s account on the due date.
Payday Loan Regulations in Missouri
Payday loans are legal in Missouri, but the state has regulations in place to protect borrowers from predatory lending practices. Missouri sets a maximum loan amount of $500, and lenders can charge up to 75% interest on the loan amount. The loan term must be between 14 and 31 days, and borrowers are allowed up to six rollovers or renewals. Lenders are also required to verify a borrower’s income and check their creditworthiness before approving a loan.
Benefits of Payday Loans in Eagleville, Missouri
- Quick access to cash: One of the main benefits of payday loans is that they provide borrowers with quick access to cash when they need it the most. The application process is simple, and the funds are often deposited into the borrower’s account within 24 hours.
- No collateral required: Payday loans are unsecured, meaning borrowers don’t have to provide any collateral to secure the loan.
- Convenient repayment terms: Repayment for payday loans is automatic and typically deducted from the borrower’s bank account on the due date.
- Borrower protection: Missouri has strict regulations in place to protect borrowers from predatory lending practices.
Disadvantages of Payday Loans in Eagleville, Missouri
- High-interest rates: Payday loans come with high-interest rates, which can add up quickly, making them a costly borrowing option.
- Short loan terms: Payday loans have a short repayment period, usually within 14 to 31 days, which can be challenging for some borrowers to repay on time.
- Potential for debt cycle: Due to high-interest rates and short repayment terms, some borrowers may find themselves in a cycle of debt, where they continually renew or roll over their loan, leading to even more fees and charges.
Interesting Facts and Statistics about Payday Loans in Eagleville, Missouri
- In 2019, the average payday loan in Missouri was $314.
- Missouri has more than 1,100 payday loan storefronts, making it one of the highest concentrations of payday lenders in the United States.
- Approximately 12 million Americans use payday loans each year, with the average borrower taking out eight loans in a 12 month period.
- Nationally, payday lenders collect approximately $7.4 billion in fees annually.
Apply Now and Find the Right Lender for You
If you’ve decided that a payday loan is the right choice for you, be sure to do your research and find the right lender. TheGuaranteedLoans can help facilitate your search by connecting you with reputable lenders in Eagleville, Missouri. Our online application process is quick and easy, and we work with a network of trusted lenders who offer competitive rates and flexible repayment options. Don’t wait until your next payday – apply now and get the money you need to cover unexpected expenses.