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Payday Loans in Lathrop, Missouri: What You Need to Know
If you’re facing a financial emergency, you might be considering taking out a payday loan. These short-term loans can provide quick cash when you need it most, but they can also come with high fees and interest rates. In Missouri, payday loans are legal, but there are strict regulations in place to protect consumers. Here’s what you need to know if you’re considering a payday loan in Lathrop, Missouri.
What is a Payday Loan?
A payday loan is a short-term loan that typically has a repayment period of two weeks. These loans are often marketed as a way to cover unexpected expenses or to get through a difficult financial situation. In exchange for lending you money, the lender will charge a fee or interest rate. The fees and interest rates on payday loans can be very high, sometimes exceeding 400%.
How Do Payday Loans Work in Lathrop, Missouri?
In Missouri, payday lenders are regulated by the Missouri Division of Finance. The state has laws in place to protect consumers from predatory lending practices.
To take out a payday loan in Lathrop, Missouri, you must be at least 18 years old and have a steady source of income. You will need to provide proof of income, such as a pay stub, and an ID to the lender. The loan amount will be determined by your income and the lender’s guidelines.
The maximum loan amount you can borrow in Missouri is $500. The lender will charge a fee of up to 75% of the loan amount. For example, if you borrow $100, the lender can charge up to $75 in fees. The maximum interest rate on payday loans in Missouri is 35% per year.
What Are the Risks of Taking Out a Payday Loan?
Payday loans can be a risky way to borrow money. The high fees and interest rates can make it difficult to repay the loan on time. If you can’t repay the loan, the lender may offer to roll the loan over for another period, but this will come with even more fees and interest.
If you default on a payday loan in Missouri, the lender can charge up to 6% interest per month on the unpaid balance. They may also take legal action to collect the debt. This can have a negative impact on your credit score and make it difficult to borrow money in the future.
Interesting Facts and Statistics about Payday Loans in Lathrop, Missouri
- According to a 2016 report by the Missouri Division of Finance, there were 1,275 licensed payday lenders in the state.
- The same report found that Missouri borrowers took out 1.62 million payday loans, totaling $589.9 million in loan volume.
- In 2018, the Missouri legislature passed a bill that would have lowered the interest rate for payday loans to 36%. However, this bill was vetoed by the governor.
Apply Now
If you’re considering a payday loan in Lathrop, Missouri, it’s important to shop around and compare rates and terms from different lenders. TheGuaranteedLoans can help you connect with potential lenders who may be able to provide you with a loan. Remember, we are a connector service and not a direct lender.
To get started, fill out our simple online application. We’ll ask for some basic information about yourself and your financial situation. Once you submit your application, we’ll work to match you with potential lenders. You’ll then be able to review the loan terms and choose the option that works best for you.
Take control of your finances and explore your options for short-term lending today.