By Shawn Martin
The Missouri payday loan laws have a loan limit of $500.00 per loan.
You may take out a payday loan in this state for a minimum of 14 to a maximum of 31 days.
Missouri state passed a law stating the payday loan companies may not charge more than 75% of the loan total over the life of the loan.
This may sound good but it is still an incredible amount of interest for a short term loan and can lead to some serious payday loan debt.
For example, the APR for a loan amounting to $100.00 for 14 days is 1980%! This is crazy! You could get better rates from the alley downtown.
The best way to use these companies in this state is to not use them at all. If you do have to use them, make sure you pay the loan off on the first due date period!