One of the easiest ways that a consumer can get access to cash quickly is by taking out a payday loan. While traditional banks offer personal loans, the underwriting guidelines are stringent and the entire process can take weeks to complete. When getting a payday loan, you are practically guaranteed approval and can expect to get the money in just a few hours after filling out the application.
Every state in the country has different laws that impact the payday loan industry. The State of Missouri have several laws and regulations that separate the payday loan industry and process from other states.
The one regulation in the State of Missouri that differs from other states is that there are limits on the interest rates that you pay. The total APR that you can charge in the State of Missouri is 75%, including all interest, fees, and other costs associated with the loan. This differs from many other states where there are no rules that limit the amount of interest that can be charged.
Another regulation that impacts the payday loan industry is that you are limited to how many times the loan can be renewed. One of the problems with a payday loan is that some people abuse them and get caught in a trap that is hard to get out of. In some states, where there are no limitations on renewals, it could end up being a never ending trap of taking out loans and accumulating interest. In the State of Missouri, you are not able to renew the loan more than six times total.
The State of Missouri also has many regulations that try to protect consumers. One regulation that has to be published is the interest rate and fees that someone will pay. This information needs to be posted publicly on the website or office and be available to anyone that wants to know what the costs are.
Also, when a consumer applies for a loan, they need to receive a clear statement of what their total costs will end up being. The State of Missouri also requires that the consumer credit section of state consumer guidelines be updated at least every two years with any proposed changes to the law and regulation.
One of the best features of an online payday loan is the ability to repay the money with flexible options. Interest rates will vary depending on the instant payday loan company that you go with so you want to read carefully before you secure your loan. If you have bad credit, there are companies who do offer no credit checks, so don’t feel discouraged by your past.
Whether you’re facing unexpected medical costs or a bill that you simply overlooked, an online payday load could be your saving grace. The ability to secure money online is a feature that many banks cannot offer. Having bad credit or no credit at all could even inhibit your ability to get a personal loan through your bank. This is not an issue when getting an instant payday loan. The application process is minimal when compared with that of any other financial institution and the response time is exponentially faster. Being able to use flexible options for repayment can help you get your finances under control while still living comfortably.
Don’t live another moment of your life with uncertainty. Secure your instant online payday loan and get your life back on track with just a few clicks of the mouse.