Best Loans In Missouri, Payday, Auto Title Laws 2019 - Elite Personal Finance
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Best Loans In Missouri, Payday, Auto Title Laws 2019

EPF November 2, 2019
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Missouri’s Trade and Commerce Act allows lenders and borrowers to freely negotiate installment loan terms. The state does not regulate loan amounts or maximum finance charges.

However, for loans of 30 days or more, licensed lenders are allowed to charge a one-time fee of 10% of the loan amount – up to a maximum of $100. Licensed lenders can also levy a late payment fee – after the loan is at least 15 days past due – of 5% of the minimum payment due, up to a maximum of $50. Licensed lenders can also levy a non-sufficient funds (NSF) fee of $25.

Best Bad Credit Loans In Missouri 

Lender:Min Credit Score:Loan Amount:APR:Licensed in Missouri:
BadCreditLoans0$500 – $5,0005.99% – 35.99%Not a direct lender
CashUSA0$500 – $5,0005.99% – 35.99%Not a direct lender
Opploans0$1,000 – $4,00099% – 199%Yes
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender

For tips on how to land the best bad credit loan , see our complete guide.

Best Personal Loans for Good Credit In Missouri 

Lender:Min Credit Score:Loan Amount:APR:Licensed in Missouri:
Payoff640$5,000 – $35,0005.99% – 24.99%Yes
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender
LendingTree500$1,000 – $35,0003.99% – 35.99%Yes

For more great options, check out our entire list of recommended lenders. You can also visit SuperMoney and try their loan comparison tool.

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Payday Loans in Missouri

Maximum Loan Amount: $500

Minimum Loan Term: 14 days

Maximum Loan Term: 31 days

Maximum Fee: 75% of the initial loan amount

Maximum APR: Averages 443%

Rollovers: 6 per borrower (conditional)

Loan Limit: No limit, as long as the total amount borrowed does not exceed $500

Payday loans are legal in Missouri.

Missouri’s Small Loan Act requires licensed lenders to cap payday loans at $500 and offer a minimum term of 14 days and a maximum term of 31 days. As well, finance charges cannot exceed 75% of the initial amount borrowed.

You can have as many payday loans as you want – as long as the total amount borrowed does not exceed $500 and you’re not repaying an old loan with a new one. 6 rollovers are allowed as well – as long as you decrease the principal amount by 5% before each renewal.

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