A Payday Loan is a short-term loan that’s intended to help people meet their urgent financial needs between paychecks. These loans are usually due on the borrower’s next payday and carry high-interest rates. Williamsburg, Missouri is one of the many towns in the US where payday loans are legal.
How Payday Loans Work in Williamsburg, Missouri
To obtain a payday loan in Williamsburg, Missouri, you must be at least 18 years old, have a valid government-issued ID, a steady source of income, and an active checking account. Most lenders require borrowers to provide proof of income and residency when applying for a payday loan. Once you meet these requirements, you can apply for a payday loan online or in-person at a lender’s physical location.
The loan amount you qualify for depends on your income and expenses. Typically, payday lenders in Williamsburg, Missouri offer loans from $100 to $500 or more. However, the loan amounts may vary depending on the lender’s policies.
When you apply for a payday loan, you are required to provide a post-dated check or authorize a debit for the total loan amount, including fees and interest. On your next payday, the lender will deposit the check, or deduct the loan amount from your checking account. If you are unable to repay the loan on time, the lender may roll over the loan and charge additional fees and interest.
The Pros and Cons of Payday Loans in Williamsburg, Missouri
The Pros:
- Easy access to cash: With a payday loan, you can get cash fast. Most lenders offer online applications, and you can get the loan amount deposited into your account within 24 hours.
- No credit check required: Payday lenders in Williamsburg, Missouri don’t run credit checks. Therefore, people with poor credit scores can qualify for payday loans.
The Cons:
- High-interest rates: Payday loans carry high-interest rates that can range from 400% to 700% or more APR. In Williamsburg, Missouri, lenders can charge monthly fees of up to 75% of the loan.
- Frequent rollovers: Most borrowers are unable to repay payday loans on time and end up rolling over the loans. This leads to additional fees and interest, making some borrowers indebted for long periods.
- Poor financial planning: Taking out a payday loan may be a sign of poor financial planning. If you cannot afford to pay your bills without taking out a payday loan, you may be experiencing financial hardship.
Interesting Statistics
According to a study conducted by the Consumer Financial Protection Bureau, more than 80% of payday loans in Williamsburg, Missouri are rolled over or followed by another loan within 14 days. The study also revealed that most payday borrowers in Missouri pay more in fees than they borrow. In 2017, the average payday loan borrower in Missouri took out 4 loans, owing a total of $1,200.
Apply Now
TheGuaranteedLoans offers a simple and secure online application for residents of Williamsburg, Missouri, looking for payday loans. We partner with reputable lenders who offer competitive interest rates and fees. As a connector service, we do not issue loans directly, but we facilitate the connection between borrowers and lenders. Our application process is quick, and you can receive a decision within minutes. Apply now and take the first step towards getting the cash you need to meet your urgent financial needs.