Payday Loans in Missouri

Posted on Sunday, July 12th, 2009 at 3:06 pm in Cash Loan Info by State

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Missouri is one the US states which has not merely legalized payday loans but has also framed the most lenient laws regarding payday lending. The powers vested on the payday lending agencies of Missouri are hardly rivaled in any other US state. It is of little wonder that the payday lending industry of Missouri is one of the most alive and thriving payday lending industries in USA. You don’t have to run from pillar to post to find a payday loan agency in Missouri all you have to do is to drop into your nearest mall and you can find a payday loan outlet which would help you to obtain a payday loan in a jiffy.

The main attraction of these Payday loans is that they are speedy and convenient and are usually approved between 12-24 hours for which they are also touted as same day loans. There is a high concentration of payday outlets and payday agencies in all major cities of Missouri like Columbia, Kansas City, Saint Louis and Springfield but other areas of Missouri also has quite a few of them. If you want to get the best deal in payday loans in Missouri then you should glean information about the state regulations about payday loans in Missouri.

Certain aspects of payday loans in Missouri are quite like average payday loan regulation in other states of USA where payday lending is legal. You can obtain a payday loan in Missouri for a period of 14-31days. The maximum amount of a single payday loan is $500 which is also similar to many other US states. However, the aspect in which Missouri differs from many other US states is that there are no caps on interest rates of payday loans and some payday lenders even charge an astronomical amount of $70 on per $100 loaned.

This exorbitant rate of interest brings that Annular Percentage rate to 1,980% which is the highest rate of interest charged in any other US state. Even keeping in mind the fact that the interest rates of payday loans are often high as they don’t involve any security check and collateral, this APR seems really steep. So, in order to avoid being fleeced like this you should do an extensive research on the various lending agencies and payday loan centers in Missouri before you opt to take a loan from them. You should try to find out a payday loan agency which would provide you a loan with the most affordable rate of interest.

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