Payday Loans in Missouri
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Payday Loans in Missouri – Important Considerations
Payday loans are those types of loans that should be considered when facing short-term problems. Things such as emergencies and unexpected expenses – be it a car bill or changing a piece of furniture – are usually the ones that require you to get a payday loan.
Due to high interest rates and financing fees, you must be sure that you are able to pay off your loan within the set time limit, or else you will be entering a debt cycle and it will be pretty hard to get out of it.
In order to avoid any problems that may occur because of a payday loan, it is recommended that you inform yourself properly and be well prepared before getting one. No one wants to get into debt over misread information.
Therefore, to inform you and help you make a decision regarding payday loans in Missouri, we have gathered some of the most useful information to prepare yourself for what’s about to come.
The following paragraphs will cover things from basic online payday loan information to financing fees and any possible charges.
Missouri Payday Loans – Requirements and Costs
Before getting into the numbers, we advise you to search for a licensed lender. This way, you will avoid any possible extra fees and higher than usual interest rates.
Remember that your loan can be canceled. Still, this can only be done before the end of the following business day.
So, the maximum amount you can borrow is of $500 and the maximum term of the loan is 31 days – the minimum being of 14 days. Furthermore, the annual percentage rate is of 1950% on a 14-day loan of $100.
Moving on to more numbers, we get to the costs you will have to pay in order to get a payday loan.
When it comes to financing fees, you will have to provide 75% of the initial loan amount, a sum that includes all of the fees as well as the interest – this makes Missouri payday loans a form of credit with pretty high costs.
Regarding the non-sufficient funds (NSF) situation, payday lenders in Missouri will charge you a reasonable fee – which is not worrying, but you should avoid getting into this kind of situation.
With 75% of the initial loan amount having to be paid as financing fees, you should think really well before getting a payday loan. As mentioned at the beginning of this article, you must always be sure that you can pay off your loan on or before its due date to avoid any issues.
This is not a hard thing if you follow the basic guidelines. There’s no use in having to deal with the risks those high interest rates come with. So, you have to be prepared, well-informed and ready to get through this loan without any complications.
The Bottom Line
With this being said, remember the keywords, “short-term solution for short-term problems”. Stand by these words and you will have no problem in dealing with your online payday loans in Missouri.
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Short-term loans are emergency credit products of relatively small amounts designed for short-term financial issues only and can become an expensive product if used for long-term purposes.
The owner and operator of PaydayClick.com is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designedonly for amatching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders. All the data concerning short-term loan products and the industry is presentedon the website for information purposes only. PaydayClick.com does not endorse any particular lender, nor does it represent or is responsible for the actions or inactions of the lenders. PaydayClick.com does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Short-term loans are not available in all the states. Not all the lenders in the network can provide the loans up to $1,000. PaydayClick.com cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a short-term loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verifications, including but not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually.
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APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since PaydayClick.com is not a lender and has no information regarding the terms and other details of short-term loan products offered by lenders individually, PaydayClick.com cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant.
Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders. These financial and non-financial actions have nothing to do with PaydayClick.com and PaydayClick.com has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a short-term product.
Late Payment Implications
It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document.
Non-payment Implications
Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied.
Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means.
Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.