Missouri Payday Loans Law

Missouri Payday Loans Law

Missouri State Information

Legal Status: Legal

Loan Terms:

    - Maximum Loan Amount: $500
    - Loan Term: 14-31 days
    - Maximum Finance Rate and Fees: Not Specified (No borrower shall be required to pay a total amount of accumulated interest and fees in excess of 75% of the initial loan amount on any single authorized loan for the entire loan term and all authorized renewals. Otherwise, interest is set pursuant to small loan law which provides that parties may set rate by contract.)
    - Finance Charge for 14-day $100 loan: $75
    - APR for 14-day $100 loan: 1950%

Debt Limits:

    - Maximum Number of Outstanding Loans at One Time: No more than $500 to any one lender at one time
    - Rollovers Permitted: Six (borrower must reduce principal amount of loan by 5% or more upon each renewal)
    - Cooling-off Period:
    - Repayment Plan:

Collection Limits:

    - Collection Fees: NSF fee; Collection costs (including court costs and reasonable attorney's fees) Licensee cannot use a series of ACH transactions to collect a single check.
    - Criminal Action: Prohibited (Unless check returned due to closed account or stop-payment by maker)

Where to Complain, Get Information:

    - Regulator: Missouri Division of Finance
    - Address: Consumer Credit Section, P. O. Box 716 301 W. High Street Jefferson City MO 65102
    - Phone: (573) 751-3242
    - Fax: (573) 751-9192

These Missouri payday loans law are basic information to assist your decision to borrow money. This information may be added or modified or canceled by Missouri government without prior notice.

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