Missouri Payday Loan Laws and Regulations in (MO)

(last updated 01/02/2018)
Payday loans and cash advances are legal in Missouri. The Missouri Division of Finance has been regulating Payday Loans and Cash Advances since 1990. As of 01/01/2015 there were 270 licensed lenders and 865 licensed locations in Missouri.
 
The maximum payday loan allowed in Missouri is $500. The maximum payday loan as a percentage of income is not specified. The number of loans that can be open at one time is no more than $500 to any one lender at one time. The maximum permissible fees allowed in Missouri is 75% of the initial loan amount for lifetime of loan including all renewals. The cooling off or waiting period for obtaining another loan is 0 days. The number of rollovers that are permitted is 6, borrower must reduce principal by at least 5% with each rollover. The minimum loan term is 14 days. The maximum loan term is 31 days.
 
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Missouri, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Missouri Division of Finance.
 
The following classes of lending organizations may be exempt from some, all, or none of the the regulations set by the state of Missouri. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua

Missouri Payday Lending Regulator (MO)

Regulating Authority
Missouri Division of Finance
716 301 W. High Street
Room 630
Jefferson City, MO 65102
(573)751-3242
finance.mo.gov

Agency for Handling Complaints
Missouri Division of Finance
P.O. Box 716
Jefferson City , MO 65102
(573)751-3242
finance.mo.gov/consumers/

 


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Flag of the State of Missouri Why use a payday loan? From Maryville to Caruthersville, and KC to the Lou, people everywhere run into their fair share of troubles. And when trouble strikes, a cash advance can turn a major crisis into a minor glitch.

You could be zipping across Missouri on I-70 and suddenly your dashboard lights up like the 4th of July. Lights you didn’t even know you had suddenly start glowing and flashing. You hurry to get the car off to the side and manage to pull to a stop just before the engine sputters and dies. What on Earth was that?

You’re just outside of Columbia and use your phone to find a tow truck and an auto repair shop that can help you. I-70 Towing? Perfect. The dispatcher also tells you that there is a place called Custom Complete Auto not too far from their main office and it’s well liked. Excellent.

The tow truck scoops up your car and gets you and your busted ride to the repair shop. Within 30 minutes of getting the car off of the truck, you’re not sure which experience made your blood pressure higher- that ghost pepper Death Wing sauce at that place in Kansas City, or seeing the estimate to fix your car. When you finally catch your breath, your first thought might be, “How in the world will I pay for this?”

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