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Subscribe at no cost to you for our Payday Loan Newsletter. The frequency is typically once each month. If
you have an interest in the payday loan industry, YOU NEED OUR Payday Loan NEWSLETTER!
WE PROMISE to never sell, give-away, or abuse your contact info. You will receive a confirmation email from
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Missouri Payday loan laws. Missouri Payday loan legislation.
Missouri has specific payday advance laws. Total fees, including rollovers, cannot exceed 75% of the initial loan amount. The permitted time period is a minimum of 14 days and a maximum of 31 days.
The maximum amount of the payday loan allowable is $500.00. Rollovers are limited to 6, but the borrower must reduce the principal by at least 5% with each rollover.
For a thorough discussion of the payday loan industry and access to our payday loan training materials, we recommend you proceed to Payday Loan Industry.com
Missouri Payday Loan Laws & Legislation State InformationMissouri Department of Finance Legal Status: Legal Payday lenders Sections 408.500, 408.505, and 408.506 make up the entire law concerning payday loans (a.k.a. "small, small loans") which are loans of $500 or less. Such lenders must be licensed by the Division of Finance. Sections 408.500-408.505 subject this type of lender to a host of consumer safeguards, i.e., places a 75% cap on interest and fees on the initial loan and renewals, limits renewals to no more than six, limits the term of the loan to 14-31 days, applies daily interest calculations, etc. These sections contain some provisions which go well beyond most "consumer protections": for example, the lender must conspicuously post rates and a borrower who repays a loan before the close of the lender's next full business day pays no interest or fees. Related regulations are found at 20 CSR 1140-11.030 through 20 CSR 1140-11.040. Missouri law requires the Consumer Credit Section to publish a report every two years on the payday lending industry Loan Terms: |