Loan Rates and Fees in Missouri

Missouri law does not impose a statutory per-$100 fee cap on payday loans. Lenders making unsecured loans of $500 or less charge interest and fees as agreed to by the parties under the general interest and fee rules. Your outstanding balance with any single lender cannot exceed $500 at one time; there is no statewide multi-lender database. Loan terms run 14 to 31 days.

On a $300 loan due in 14 days, the finance charge depends on the rate the lender posts and discloses - confirm the exact amount and APR on your agreement before signing. Federal law requires your agreement to show the APR; on a 14-day loan, that percentage will appear very high because the fee is scaled to a full year.

• Rollovers: Missouri does not set a statutory rollover limit - confirm the lender's renewal policy and whether the finance charge reapplies before agreeing to an extension.
• Returned payment fee: capped at a reasonable service fee plus the lender's actual bank charge - ask the lender for the exact dollar amount before you sign.
• Database verification fee: Missouri does not operate a statewide payday loan database - no separate verification fee is authorized.

If an offer's fees seem excessive, verify with the Missouri Division of Finance.

Missouri consumer installment lenders charge interest on the unpaid principal balance at rates agreed to by the parties - there is no separate tiered statutory rate table. The upfront loan fee is capped at 10% of the principal, not to exceed $100, on loans of 30 days or longer; this fee is not permitted on any extension, refinance, or renewal unless a new credit investigation is performed.

On a $1,000 installment loan, the maximum upfront fee is $100 (10% of principal). Interest accrues on the declining unpaid balance at the rate stated in your agreement - confirm the exact rate and total of payments on your disclosure before signing.

• Refinancing restarts the upfront fee eligibility only if a new credit investigation is made - the fee is not permitted on a renewal or refinance without that investigation.
• Returned payment fee: same rule as payday - a reasonable service fee plus the lender's actual bank charge; ask the lender for the exact amount.
• Late fee: capped at the greater of 5% of the installment due or $15, not to exceed $50, after a 15-day grace period.
• Prepayment: you can pay in full at any time; on precomputed loans the lender must refund unearned interest - see the Missouri installment loans page for repayment details.

If an offer exceeds these limits, verify with the Missouri Division of Finance.

• Returned payment fee: no fixed dollar state cap - ask the lender for the exact amount before you sign.
• Total of payments: the single most important number - add every scheduled payment to confirm it matches the disclosed total on your agreement.
• Military borrowers: if you or your spouse are active-duty, federal law caps most loan costs at a 36% Military APR - confirm the lender has checked your status.