Missouri

State Payday Loan Law Information

Payday loans in Missouri are restricted to amounts equal to or less than $500.  The maximum term of any loan is 14-31 days.  The maximum finance rate and fees are not specified; however, 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 their rate by contract.

There is no specified maximum number of outstanding loans at one time. Six rollovers are permitted; however, the borrower must reduce the principal amount of the loan by 5% or more upon each renewal.  A cooling off period and repayment plan is unspecific.

A collection fee for NSF checks is permitted along with collection costs including court costs and reasonable attorney’s fees.  Licensee cannot use a series of ACH (Automated Clearing House) transactions to collect a single check.  Criminal action is prohibited unless the check is returned due to a closed account or stop payment by the maker.

 

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