Payday Loans in Preston, Missouri
If you’re in need of quick cash in Preston, Missouri, one option you may consider is a payday loan. Payday loans are short-term loans that can help you bridge the gap between paychecks or take care of unexpected expenses. In Missouri, payday loans are legal and regulated by state law.
How Payday Loans Work
Payday loans typically range from $100 to $500 and are intended to be repaid within two to four weeks. The loan amount is based on your income and typically requires proof of employment and a checking account. You’ll write a post-dated check for the loan amount, which includes fees and interest, and the lender will cash the check on your next payday.
Missouri law limits the fees a payday lender can charge. The maximum rate is based on the loan amount and can’t exceed 75 percent of the original loan amount, plus interest and fees. For example, if you borrow $100, the maximum fee is $75, and the total due on your next payday would be $175.
Benefits and Risks of Payday Loans
While payday loans can provide quick access to cash when you need it, they also come with risks. The high fees and interest rates can make it difficult to repay the loan on time, which can lead to a cycle of debt. In fact, according to the Consumer Financial Protection Bureau, four out of five payday loans are renewed or rolled over, with borrowers paying more fees and interest each time.
However, when used responsibly, payday loans can be a helpful tool for managing unexpected expenses. For example, if your car breaks down and you need it to get to work, a payday loan could help cover the cost of repairs so you can get back on the road.
Applying for a Payday Loan in Preston, Missouri
To apply for a payday loan in Preston, Missouri, you must be at least 18 years old and have a steady source of income. You’ll need to provide proof of employment, such as a pay stub, as well as a checking account. You can apply in person at a payday loan store or online through a lender’s website.
At TheGuaranteedLoans, we offer a convenient online application process that connects you with potential lenders. Our network of lenders is made up of trusted professionals who offer competitive rates and transparent terms. While we are not a direct lender, we strive to ensure the process is easy and stress-free, so you can get the cash you need when you need it.
Interesting facts and statistics about Payday Loans in Preston, Missouri
- In Missouri, payday loan borrowers take out an average of 10 loans per year, with an average duration of 14 days per loan.
- The average payday loan in Missouri is $307.
- In 2019, Missouri payday lenders charged an average interest rate of 454 percent.
- Missouri is one of 32 states that allow payday lending.
Conclusion
Payday loans can provide quick access to cash when you need it, but they come with risks. If you’re considering a payday loan in Preston, Missouri, it’s important to understand the fees and interest rates associated with the loan, and to make sure you’ll be able to repay the loan on time to avoid additional charges and debt.
At TheGuaranteedLoans, we’re here to help connect you with potential lenders and make the process as easy as possible. Fill out our online application today to see how we can help you get the cash you need.
Apply Now
Fill out our online application today to see if you qualify for a payday loan in Preston, Missouri. Remember, TheGuaranteedLoans is a connector service, not a direct lender, and we will facilitate your connection with potential lenders. We strive to make the process as easy and stress-free as possible, so you can get the cash you need when you need it.