Regulator Details

Missouri Division of Finance

Consumer Credit Section
P. O. Box 716 301 W. High Street
Jefferson City, MO 65102
Phone: (573) 751-3242
Fax: (573) 751-9192
Contact: Joe Crider, Supervisor, Consumer Credit

Missouri Payday Loan Laws

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Missouri Payday Loan Laws Details

The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding Missouri payday loan laws contact the Missouri Division of Finance.

Payday loans are legal in Missouri (see Missouri Payday Loans or Missouri Installment Loans to compare fees and requirements for individual lenders).

Feature Specification
Amount (max) $500
Rates or Fees (max) Not Specified (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 rate by contract.)
Term Limitations 14-31 days
General Loan Terms

In Missouri, six rollovers are permitted (borrower must reduce principal amount of loan by 5% or more upon each renewal). Nothing is mentioned about cooling periods between loans. Missouri has no requirements for extended repayment plans.

For example, in Missouri the rates and fees on a 14 day, $100 loan are:

Terms Amount
Loan Amount $100
Fees $75
APR 1950%
Sample Loan Terms

Missouri also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.

Feature Specification
Collection Fees NSF fee; Collection costs (including court costs and reasonable attorney's fees) Licensee cannot use a series of ACH transactions to collect a single check.
Criminal Action Prohibited (Unless check returned due to closed account or stop-payment by maker)
Regulations on Collections
Finally, a more detailed excerpt from Missouri's statutes on finance charges is listed below. In general the tables above summarize this.

Any person, firm, or corporation may charge, contract for and receive interest on the unpaid principal balance at rates agreed to by the parties. No borrower shall be required to pay a total amount of accumulated interest and fees in excess of 75 percent of the initial loan amount on any single loan.

Citation: Mo. Rev. Stat. Sections 408.500 et seq.