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/
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File complaint: http://finance.mo.gov/consumers/
consumer_complaint.php
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for advice on your specific situation.
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