Listed In: Legal Services
Payday lenders in Missouri are regulated by the state government to ensure that consumers are protected from fraudulent and unethical lending practices. Missouri state law requires that payday lenders be certified and licensed by the Missouri Division of Finance, which oversees the activities of… Payday lenders in Missouri are regulated by the state government to ensure that consumers are protected from fraudulent and unethical lending practices. Missouri state law requires that payday lenders be certified and licensed by the Missouri Division of Finance, which oversees the activities of licensed lenders. Certified payday lenders in Missouri offer short-term cash advance loans to consumers who need immediate access to funds for unexpected expenses, such as car repairs, medical bills or other emergencies. These loans typically range from $100 to $500, and are due in full on the borrower's next payday. Missouri state law prohibits payday lenders from charging more than 75% of the original loan amount in fees and interest. This means that if a borrower takes out a $300 loan, the lender may not charge more than $225 in fees and interest. Read more