Understanding Payday Loans in Saint Mary, Missouri
For many, payday loans are a financial lifeline during difficult times. But before you get a payday loan, it is important to understand exactly what it entails and what you should expect when doing business with a payday loan lender. This article will focus on payday loans in Saint Mary, Missouri.
What are payday loans?
A payday loan is a short-term loan, generally for two to four weeks. It is typically used to cover a borrower’s expenses until their next paycheck. Payday loans in Missouri have a maximum loan amount of $500. In most cases, you will need to provide the lender with a post-dated check for the amount you are borrowing, plus any fees and interest. When the loan comes due, the lender cashes the check.
It is important to note that payday loans are legal in Missouri.
What are the requirements for a payday loan in Saint Mary?
To apply for a payday loan in Saint Mary, Missouri, you need to meet certain requirements. These include:
- Being at least 18 years old
- Having a valid government-issued ID
- Being employed or having a steady source of income
- Having a checking account in good standing
When you apply for a payday loan, you will need to provide the lender with your personal information, employment information, and bank account information. The lender may also require you to provide proof of income and residency.
What are the fees and interest rates for payday loans in Saint Mary?
Payday lenders in Saint Mary, Missouri, are allowed to charge a maximum finance rate of 75% per year on a loan. This equates to $75 on a $100 loan with a two-week term. Additionally, lenders can charge an origination fee of up to 5% on the loan amount. These fees can add up quickly, so it is important to be aware of them before taking out a payday loan.
Can payday lenders take legal action against you?
Yes, it is possible for payday lenders to take legal action against you if you fail to repay the loan according to the terms of your agreement. This can include seizing your assets to cover the debt. If you are unable to repay a payday loan, you should contact the lender as soon as possible to discuss alternative options.
Applying for a payday loan in Saint Mary
If you are considering a payday loan in Saint Mary, Missouri, TheGuaranteedLoans can help connect you with potential lenders. Fill out our online application, and we will forward your information to lenders who may be able to provide you with the funds you need.
Interesting Facts about Payday loans in Saint Mary, Missouri
- The average payday loan borrower in Missouri takes out eight loans per year.
- Forty percent of borrowers in Missouri use payday loans to pay for regular expenses, such as utility bills.
- The average payday loan in Missouri is $307, with an average fee of $53.
Conclusion
Payday loans in Saint Mary, Missouri, can be a helpful resource for those in need of quick cash. However, it is important to be aware of the fees and interest rates associated with these loans, as well as the potential legal consequences for failure to repay. Remember, payday loans should only be used as a last resort.
Apply Now
If you are in need of a payday loan in Saint Mary, Missouri, fill out our online application today. TheGuaranteedLoans is a connector service, not a direct lender. We will facilitate your connection with potential lenders who may be able to provide you with the funds you need. Apply now and get the financial help you need.