Besides having loads of traditional payday lenders, the residents can also enjoy services offered by many online lenders as well. In Missouri, payday loans can be accessed by people with bad credit records as long as they can demonstrate their ability to pay the borrowed money.
Personal Installment Loans in Missouri
Missouri residents enjoy a thriving short-term loans industry, thanks to the state’s guidelines and regulations. With a multitude of lenders spread across the state, entry requirements are easy to most borrowers. Installment personal loans are more attractive to borrowers because the terms are flexible enough to accommodate a tough financial situation.
How it works
The relaxed lending laws create a favorable environment for most payday loans lenders in MO. Finding a lender either online or at a store front won’t be a problem for residents. However, it can be quite tricky figuring out who to work with since there are several lenders operating in close proximity.
Most lenders will require residents to meet some basic qualifications before making an application.
- Be 18 years and above and have a government issued ID
- Have a valid checking account
- Have a regular source of income and be in a position to prove the same. Here, pay stubs offer the best proof although business owners can provide tax return documents as proof.
If you prefer a convenient option, Nation 21 offers a great solution to all short-term loan needs. The online application is easy and fast with instant approvals. Besides having a great customer support, we are committed to ensuring all customers get a satisfactory service.
Lending regulations in Missouri (MO)
Missouri has some of the most relaxed consumer lending laws across the US. Short-term loans are legal in this state and lenders must be licensed by the Missouri Division of Finance. Residents are allowed to borrow up to $500 for any duration between 14 days to 31 days.
Both online and in-store lenders must provide the residents with all the relevant information related to the loan. Normally, this is done through a loan agreement presented prior to loan disbursement.
According to the law, the maximum fees and rates charged on any loan must not exceed 75% of the original loan amount. However, the maximum APR that any lender is allowed to charge on a $100 with a two-week term is capped at 1950%.
Average credit scores in MO
Average credit scores are computed from several indicators; therefore, the score can give some insight into the economic situation of a location. The Experian average score is 690 ranking the state at position 27 in the US. However, the mortgage shopping website known as Mortgage Marvel revealed the average home buyers’ credit score to be 723.
Population and demographics
With over six million people, Missouri is the 18th most populous state in the US. The population is composed of several racial groups and ethnicities.
At least 84% are white Americans, 11.7 are African-American, 1.7 are Asian-American and 0.6 are natives. In Missouri, 13.5% of the population is 65 years and above. Females account for 51.4% of the population and men represent the remaining 49.6%.
The economic indicators in Missouri
The total GDP for the state is estimated at $225.9 billion with a per capita income of $32,705. This ranks Missouri at position 26 in the US.
Among the major economic drivers are transportation equipment, aerospace, financial services, light industries, and beer. The agricultural sector contributes significantly to the economy and with more than $88 billion in sales; it has employed more than 378,000 people.
Missouri is the only state with two federal banks and in 2017; the state became a right to work state. In addition, the unemployment rate stands at 3.9%.