Payday Loans in Mora, Missouri

Payday Loans in Mora, Missouri

Payday loans, also called cash advances, are a type of short-term loan that provides financial assistance to people in need of quick cash. These loans are typically marketed to people with poor credit scores and those with no credit history, who have a hard time obtaining mainstream loan products.

In Mora, Missouri, payday loans are legal. However, there are regulations that lenders must follow to protect borrowers from the cycle of debt that these loans can cause.

How Do Payday Loans Work?

Payday loans are designed to provide quick cash to borrowers who need it urgently – typically within a day or two of submitting an application. Loan amounts are usually small, depending on the borrower’s income, and the term of the loan usually lasts until the borrower’s next paycheck.

The interest rates on payday loans can be very high, which is why they’re not suitable for long-term financial solutions. Borrowers can expect to pay anywhere from $10 to $30 for every $100 borrowed, with an average APR ranging between 400% to 900%.

To apply for a payday loan, borrowers must provide proof of employment, income, and a valid bank account. Once approved, the borrower must authorize the lender to withdraw funds from their bank account on the due date.

Regulations for Payday Loans in Mora, Missouri

There are regulations that payday lenders in Mora, Missouri, must follow to protect borrowers from getting trapped in cycles of debt.

• The maximum loan amount is $500
• The maximum loan term is 31 days
• The maximum interest rate is 75%

The lenders in Mora, Missouri, are also required to provide borrowers with a clear description of the loan terms, including the total cost of the loan, the interest rate, and any fees associated with the loan. Borrowers must also be given the opportunity to rescind the loan within two business days.

Interesting Facts and Statistics about Payday Loans in Mora, Missouri

According to the Missouri Division of Finance, there were 1,275 licensed payday loan locations statewide that originated over 2.43 million loans in 2019. The total amount borrowed was over $1 billion, and the average loan amount was $307.

Studies show that the typical payday loan borrower in Missouri is a single, working-age female with an income of less than $40,000 a year. The majority of borrowers take out an average of eight loans per year, and one in five borrowers ends up defaulting on their loan.

Apply Now with TheGuaranteedLoans

At TheGuaranteedLoans, we’re a leading connector service specializing in payday loans, title loans, and other lending products. If you’re in need of quick cash, you can fill out our online application to be connected with multiple potential lenders.

It’s important to note that we’re not a direct lender, and we don’t make credit decisions. Instead, we facilitate connections between borrowers and lenders, helping borrowers find the best loan products that match their needs and budget.

If you’re approved for a loan, the lender will deposit the funds directly into your bank account, typically within a day or two. Applying with TheGuaranteedLoans is fast, secure, and free, and our network of lenders is ready to help you get the cash you need today!