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Missouri Payday Loans

As a resident of the state of Missouri, there may come a time when financial assistance is needed to bridge the gap between monthly pay periods. In such a situation, one of the options that an individual has is the option of a payday loan, which can also be referred to as a personal loan, cash advance, cash loan or payday advance. These types of loans offer a short term, cash payment that can be used as financial security for a person who is gainfully employed and is expecting a paycheck in the future. Lenders will take payment for the amount of money borrowed by the individual, plus additional loan fees, once the individual has received a following paycheck from their employer.

Payday Loan Process

In the state of Missouri, payday loans were established in the year 2002, and as such, for a resident of Missouri, lenders can be found both locally and online. The bill that established the legality of payday loans in Missouri also established regulations concerning the maximum and minimum time allowed for a payday loan period, consumer eligibility, maximum borrowing amount and like all other states, a limit cap on the amount of interest that a lender can charge.

If an individual has decided to look into a cash advance, the first step is to find a lender that best suits their personal needs. A few things that will differ between lenders is the amount they will allow certain individuals to borrow, the amount they will charge in interest and the specific requirements they will have for an individual to take a payday loan. Missouri lenders will generally ask for the following when starting the loan process for a cash advance:

  • Personal identification (such as a state issued driver’s license, passport or other form of I.D).
  • Verification of current employment (this can usually be proven with the use of pay stubs, bank receipts, etc.).
  • Verification of a current, valid checking account (this can be provided by bank receipts or bank statements).
  • Providing security of repayment (this is generally done with a postdated check or with the authorization of withdraw from the checking account to the amount that is owed to the lender).

Obtaining a Missouri Cash Advance

As previously stated, payday loans have been declared legal in the state of Missouri through the passing of a bill in 2002. Cash advances are available through local lenders and they can also be taken through online lenders. The maximum loan amount that can be taken at one time by a borrower in Missouri is $500. The valid loan period is between 14 and 30 days, however, a loan can be renewed at an additional period of time between 14 and 30 days.

Payday loans can be handled through online vendors and the transactions can all be handled electronically. Through the use of direct deposit, the money borrowed can be deposited into the account of the borrower in a short period of time by the lender. When the time come to repay the cash advance, the borrowed amount, plus lending fees, can be transferred electronically back to the lender.