Missouri payday loan laws: Where to lodge your complaint

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Payday loan laws in Missouri

Status: Legal (Mo. Rev. Stat. §§ 408.500 et seq.)

For Lenders

Lending specifications:

  • Maximum loan amount: $500
  • Loan tenure: Minimum of 14 days and a maximum of 31 days
  • Fees and finance charges: Not specified
  • Finance charge on a 14-day $100 loan: $75
  • APR on 14-day $100 loan: 1950%

Collection restrictions:

  • Collection fees: NSF fee & collection costs (including court costs & attorney fees)
  • Criminal procedures: Prohibited
For Borrowers

Debt limits:

  • Maximum no. of outstanding loans at a time: Should not exceed $500 to any lender at a time
  • Rollovers allowed: Six

Complaint cell:

  • Regulator: Missouri Division of Finance (DIFP)
  • Address: Truman State Office Building, Room 630, Jefferson City, MO 65102
  • Phone: (573)751-3242
  • Fax: (573)751-9192
  • Regulatory contact: Joe Crider, Supervisor of Consumer Credit.
  • Website: http://finance.mo.gov/
  • File complaint: http://finance.mo.gov/consumers/

Updated on:

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