Missouri payday loan laws overview

When we talk about borrowing money, the residents of Missouri have more than a few lending options to choose from. Probably the most popular type of loan people usually turn to is Missouri payday loans, also known as cash advances. Payday loans can be one of the easiest ways to get cash quickly when you have pressing financial obligations to attend to. In Missouri, there are many payday loan lending companies offering payday loans online or in their physical store. Before you decide to apply for a cash advance, it is for the best that you know all the regulations and rules regarding that type of loan.

With its population of over six million, the state of Missouri takes the 18th place in the United States in most populous states race. In December 2014, the unemployment rate of the state was lower than the national unemployment average rate, standing at 4.8% compared to 5.5%.

Are Missouri payday loans legal?

Missouri Payday Loan Laws

Missouri Payday Loan Laws

Cash advances in Missouri are completely legal. The maximum loan amount you can borrow is $500. Payday loan lending companies provide their services online and on-ground, however, they need to be licensed by the Missouri Division of Finance to do so.

Payday loan lending companies are required by the Missouri payday loan laws to provide their clients with all the needed information regarding their loan contract before they sign it. All conditions and terms of the loan must be included in the contract. Borrowers can cancel all transactions by the next business day.

Why getting a payday loan in Missouri is a good idea?

First off, payday loans are a very fast service. They are quite unlike traditional banks where the process of getting a loan may easily take weeks or even months.

With payday loans, it is a whole different story. The process of applying is extremely fast and simple. You can do the whole thing in the comfort of your home by getting the loan online. Another big benefit of Missouri payday loans is that they are not available only to those with good credit score. With payday loans, you can have a bad credit rating and are allowed to apply for a loan. Another attractive feature is that once you get your money, what you want to do with it is entirely up to you as long as you don’t do anything illegal. Of course with so many benefits, payday loans have downsides too. Probably the greatest of which is their very high interest rate. That is why they are mainly used as a short-term solution and  you need to pay it back by your next paycheck.

Missouri payday loans laws restrictions

  • Missouri payday loan laws restrictions

    Missouri payday loan laws restrictions

    Annual percentage rate. A lending company can charge a maximum of 1,950% APR for a two-week $100 loan.

  • Finance fees and rate. The maximum fees and interest you’ll need to pay for a single loan during the whole period of the loan may not surpass 75% of the initial amount of the loan. To simplify this, the maximum finance charge you’ll need to pay for a two-week payday loan of 100 dollars is $75.
  • Collection fees. The only real legal restriction that state laws have imposed on payday lending companies is that they are prohibited from charging check-bouncing fees over and over again by trying to collect the same check. Lending companies can charge an NSF fee if there is insufficient funds in the account and for collection costs such as attorney’s fees and court costs.

Who is eligible for a payday loan in Missouri?

To get your payday loan, there are certain requirements that you must meet:

  • You’re an American citizen or a permanent resident of the United States
  • You are 18 years old or older
  • You have a steady source of income

In order for your application to be completed successfully, there is more information that you must provide:

  • Your birth date, name and photo ID
  • Your phone number, email and residential address
  • Details of your income and employment
  • If you choose to apply for the loan online, you will also have to enter your bank account details

Cities in Missouri where you can find payday loan lenders:

  • Kansas City
  • St. Louis
  • Springfield
  • Independence
  • Columbia
  • Lee’s Summit
  • O’Fallon
  • St. Joseph
  • St. Charles
  • St. Peters

FAQs

  • Missouri payday loans

    Where to Get Payday Loan in Missouri

    How to file a complaint?

Whatever complaints you have regarding payday loans in the state of Missouri, you should contact the Missouri Division of Finance. You can file or submit a complaint via mail, email or fax.

  • What is the maximum loan term of cash advance loans in Missouri?

The loan term for Missouri payday loans is between 14 and 31 days.

  • How many loans can you take at the same time?

You can have a maximum of $500 of outstanding debt with any one lender at one time.

  • How many rollovers can you get?

You may rollover your payday loan for up to six times, with the condition that you bring down the principal amount by a minimum of 5% with every renewal.

  • What will happen if you are not able to pay back the loan on time?

In Missouri, there are no installment or repayment plan options to choose from. If you default on your loan repayment, the lending company doesn’t have the right to pursue any criminal action against you. You will still be responsible for paying back the loan in full, including  collection and interest fees, plus reasonable attorney’s fees and court costs.

Mississippi payday loan laws overview

In the state of Mississippi, payday loans are completely legal, therefore payday loan lending companies can freely conduct business. Mississippi payday loans are available both online and in physical stores.

Mississippi is named after the Mississippi river which is situated at the state’s western boundary and flows into the Gulf of Mexico. The name of the state is translated from Native American folklore and it means “Father of Waters.” Mississippi was admitted as the 20th state to join the Union. Today, it is the 32nd most populous state in the US. Its largest metropolitan area and capital is Jackson city.

In 2010, the total state product of Mississippi stood at $98 billion. The state is known for having the lowest living costs in the United States.

Mississippi payday loans laws

Payday loans in Mississippi

Payday loans in Mississippi

Payday loans are a type of short-term loans, also known as cash advance in which the borrower takes out a small amount of money which he then must pay back by his next paycheck. In Mississippi, cash advance lenders can offer loans to borrowers with a 22% interest rate, meaning that for each $100 that is given out, $22 must be paid as interest.

The maximum amount a person can borrow with a payday loan in Mississippi is $400 per check and $500 if fees and charges are included. Rollovers are forbidden by Mississippi state law.

There are more than 1,100 cash advance lending companies operating in Mississippi. Borrowers can take out loans by going to a physical store or just by visiting a lender online. In recent years, the internet has significantly increased the number of payday loan providers.

Why go for a payday loan?

Choosing payday loans over traditional bank loans can have many different benefits:

  • Multiple options. Mississippi payday loans are probably the most popular type of borrowing there is, which means that since the industry is so big, there are a lot of companies to choose from. All you have to do is find a lender that best suits your needs and go online to submit your application.
  • They are really fast. Once you have submitted your application, it only takes a couple of hours for you to get your loan. If you decide to apply for it online, you may have to wait until the following business day before the cash is in your hands.
  • Spend it how you want. Unlike traditional banks where before you even get your money, you have to be very specific about why you need it and how you plan on spending the cash. With payday loans, once you’re done with the simple and quick application process and you have your money, you can spend it in whatever way you like.
  • Lenders are willing to work around poor credit. No more sweating over your credit rating, no more rejection from banks. You may apply for a payday loan even if your credit score is far from good. Having a chance to be approved of loans with bad credit is one of the main reasons why people turn to payday loans.

Mississippi payday loans charges and fees 

  • Mississippi payday loans fees

    Payday Loans Fees in Mississippi

    Finance fees and rate. If you take out a sum not exceeding $250, you won’t have to pay more than $20 per $100 loan. If the cash amount is somewhere between $250 and $500, the finance charge is limited to $21.95 for every $100. The maximum finance charge for a two-week $100 cash advance is $20. The annual percentage rate for a two-week $100 cash advance cannot be beyond 520%.

  • Collection fees. When entering the collection stage, your lending company has the right to charge you an NSF fee. You also may have to pay some disclosed court awarded fees.
  • Rollover fees. There are no rollover fees since rollovers are forbidden by Mississippi payday loan laws.

Payday loans eligibility in the state of Mississippi

Whether you want to apply for online payday loans or go to a physical store, there are certain criteria that you’ll have to meet for your submission to be accepted.

  • You must be a permanent resident of the United States or an American citizen
  • You must be 21 years old or older
  • You need to have a steady source of income

In order to successfully complete your application, there is some information that you must provide.

  • Your birth name and details for contact
  • Your social security number, and a valid form of ID such as your driver’s license or passport
  • Details of your income and employment

Cities in Mississippi where you can find payday loan lenders:

  • Jackson
  • Gulfport
  • Southaven
  • Hattiesburg
  • Biloxi
  • Meridian
  • Olive Branch
  • Tupelo
  • Greenville
  • Horn Lake

New Mexico payday loan laws overview

New Mexico is the 5th largest state in the United States and its 36th most populated. It turned into the nation’s 47th state when it joined the union in 1912. The principle drivers of the state’s economy include tourism as well as oil and gas. New Mexico payday loans are available for people in need.

Payday loan regulations in New Mexico

Payday loan regulations in New Mexico

Payday loan regulations in New Mexico

The legislation of payday loans in New Mexico has always been different from other states as the legislation has gone through several caps in the last decade. However, that does not mean that payday loans are no longer available to those who are in need of quick cash. There are many lending companies offering the service both online and in physical stores. Even though the payday loan concept has changed since the introduction of New Mexico payday loans laws on payday loans caps for payday offers, original New Mexico payday loans still exist in the form of installment loans that allow borrowers to go beyond the widely accepted limit of $1,000 in cash until their next pay day.

How do payday loans work in New Mexico?

To qualify for a payday loan, there are certain requirements that you must meet – you need to be at least 18 years old and you also need to have a bank account. Submitting an application is really fast and it usually takes no more than 2 minutes to do it. Usually, the period of the loans is no more than 30 days, even though some exceptions are still possible. If you repay your loan on time, you won’t be subject to any penalties. You need to calculate your monthly gross income as that will determine the maximum amount of money you’ll be able to qualify for a payday loan (the payday loan cannot exceed 15% or your income), including fees. However, you cannot get more than $2,500. In any case, you can expect to get around $650-$1,000 per payday loan.

The repayment part of New Mexico payday loans fees and regulations is not legally shaped yet, so the terms may vary a lot from one payday loan contract to another.

New Mexico payday loans state of affairs

New Mexico payday loans

online payday loan offerings in New Mexico

There is plenty of space for sidestepping legislation in New Mexico. Which is why the state attracts a lot of different types of financial institutions. Last year, the state had more than 784 legally operating payday loan lending offices. The number of online payday loan offerings in New Mexico is a lot higher since there are more than 100 thousand searches on the subject every month. That means that there are a lot of payday lending options in New Mexico and it is up to the borrower to do thorough research to find the best deals for himself.

Borrower’s responsibility when taking out a payday loan in New Mexico

Payday loans can be an immediate answer to  presing financial situations. Payday loans are not a good option if what you are looking for a long-term loan. In that case, it may be better for you to consider installment loans, personal loans or some other types of loan with a lower interest rate than paydayl loans.

Cities in New Mexico where you can find payday loan lenders:

  • Alamogordo   
  • Albuquerque
  • Angel F
  • Tijeras
  • Chaparral
  • Dexter
  • Las Vegas
  • Carlsbad
  • Sunland Park
  • Los Lunas
  • Edgewood
  • Silver City
  • Rio Rancho
  • Espanola
  • Farmington
Additional information about payday loans in New Mexico

Additional information about payday loans in New Mexico

Additional information about New Mexico payday loans

  • What is the credit term of a payday loan in New Mexico?

The credit term of payday advances in New Mexico can be from 14 to 35 days. It can be shorter if both lender and borrower come to a mutual agreement.

  • Is there a cool-off period prerequisite in the middle of two payday advances?

Yes, 10 days is required by state law.

  • Who do I contact if I want to file a complaint against a payday lender  in New Mexico?

It is best that you contact the New Mexico Financial Institutions Division.