Payday Advance Missouri
If you are a Missouri resident and are having difficult financial times, you can find fast cash relief by taking out Missouri payday advance. These short-term cash advances provide you with the cash you require to overcome difficult financial emergencies or situations before payday arrives.
Regardless of why you need rapid funds, Missouri payday cash loans can make your life easier and help you avert financial crises. Such loans are also repaid rapidly, usually upon your next scheduled payday, thus they provide peace of mind not only by giving you the cash you need for your situation, but also because they don't require you to take on long-term debt.
Missouri Payday Loans Defined
Payday loans are thus named because they are short-term cash advances that are normally repaid within a 30-31 day period, or upon your next pay period. They are easily applied for, don't require a great deal of information, and provide funds in less than a day on average. They also rarely require credit checks, so anyone over 18 years of age can acquire them even if they have bad credit or no credit.
Cash received via payday advances can be used for practically any purpose you might have. They can help you get caught up on bills or rental payments, provide funds to fix an appliance or vehicle, pay for unexpected medical emergencies or required medications, or can be used to purchase a needed item or take a vacation.
How Missouri Payday Cash Advances Are Obtained
If you have a financial emergency, then Missouri payday loans is a good way to meet your immediate need because they are easily obtained and provide cash quickly. You can either visit approved Missouri payday lenders or conveniently apply for them over the Internet. Just keep in mind that online payday advance lenders must comply with Missouri state laws governing such short-term loans.
The application process is short and simple. A brief application form is completed and submitted with proof of employment or regular payment from some other source, personal identification, bank account information, and sometimes a personal check post-dated with the repayment date.
Once submitted, approval is fast and usually occurs within a couple of hours to the next business day. When your Missouri payday advance is approved, the requested funds are deposited into your provided bank account and can be used immediately. Upon the repayment date, you can visit the physical lender, approve electronic withdrawal from your bank account, or allow the lender to cash your provided post-dated check.
Missouri Legal Guidelines Covering Payday Loans
Approved cash advance lenders are legal in the state of Missouri as are online payday lenders who adhere to Missouri state guidelines governing them. The maximum amount of a loan is $500. The loan tenure must last at least 14 days and be satisfied within 31 days maximum. Six rollovers, or payday loan extensions, are allowed, but borrowers should keep in mind that high interest and service fees will be applied.
Finance charges and other fees are not defined under the payday advance Missouri law. However, the finance charge on a 14-day loan of $100 is shown to be $75, which equates to a 1950% APR on that same loan. Also, Missouri residents can only carry one outstanding payday advance at a time with any lender. The initial loan must be repaid before another one can be approved. The lender can apply NSF fees to accounts having non-sufficient funds as well as apply any accumulated collection expenses, which include attorney fees and court costs.
Who to Contact for Additional Information
If you have further questions, require additional information, or have a complaint concerning Missouri payday loans, you can contact the following office.
Missouri Division of Finance (DIFP)
Truman State Office Building, Room 630
Jefferson City, MO 65102