Missouri Personal Loan Laws and Regulations in (MO)

(last updated 11/13/2019)
A loan contract may provide for repayment in consecutive monthly installments, but the first installment may be payable at any time within forty-five days from the date of the loan and no installment shall be substantially greater than any other installment. Interest for any fractional portion of a month may be computed for each elapsed day at one-thirtieth of the monthly rate contracted for.

Amount of Loan. Consumer installment lenders are permitted to make loans of any amount, whether or not secured, and all loans made by such lenders must be payable in no fewer than four (4) substantially equal installments which must run for a minimum of one hundred twenty (120) days.

Interest—Loan Origination Fee—When Earned. Consumer installment loans shall bear daily interest to be determined by applying the contract rate of interest to the principal balance and dividing that result by the number of days in the year. Loans may not have an amount of interest added to the principal of the loan or be subject to the “Rule of 78s” or “Sum of the Digits” method of refunding. The loan origination fee is earned at the time the loan is made.

Fees. A consumer installment lender shall not charge, contract for or receive, either directly or indirectly, any fee not expressly permitted by section 408.140.1, RSMo.
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 Personal Loan Lending Regulator (MO)

Regulating Authority
Missouri Division of Finance
716 301 W. High Street
Room 630
Jefferson City, MO 65102

Agency for Handling Complaints
Missouri Division of Finance
P.O. Box 716
Jefferson City , MO 65102


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