Many consumers find our site after wasting hours on end looking for online companies that offer online payday loans. Once they get to our database of payday loan companies they feel relieved to have multiple options. At least now they can choose from a list of lenders opposed to installment and payday loan matching services. With that, there are still steps you need to take to get the best loan for your specific situation. Listed below we break down the steps you need to take to apply for a loan and get the funds you need. At this time Missouri is a good state to live in if you’re looking for a decent variety of loan choices. Some cities such as Springfield and Kansas City have city regulations in place. These restrictions regulate payday lending so check with your city before you apply for an online payday loan. Your payday loan options may change down the road but as of now, these steps apply to the online lending environment.
First things first, you need to determine the type of online financing you need. Are you looking for a short term loan to get you by till the next paycheck? Are you looking for high dollar installment that you can pay off over a matter of months instead of making one payment? There are pros and cons with both these types of loans but you’ll want to borrow an amount you need, not an amount you want. If you only need a few hundred dollars to get you to the next paycheck then that’s what you should get. The last thing you want to do is take on a loan that you can’t payback. It’s easy to get a payday loan or installment loan in Missouri. That also means there are going to be predatory lenders waiting for you to fall into their trap. We’ve seen Kanas City residents take out a loan for $300 only to have the money spiral out of control. If they didn’t pay it off in full on the day it was due. Only take out a loan that you can pay back completely on the due date. We can’t stress this enough. Once you’ve determined the loan option that’s best for you, you’ll want to apply with any of the reputable Missouri payday loan companies.
Some consumers like to apply for a loan in person at any retail location throughout the state. Some people prefer the convenience of applying for a loan online. Both options work and it’s up to you in regards to how you apply for the loan. After you decided to apply with a lender that best fits your need, you’ll next have to fill out a brief application. Most applications for payday loan companies in Missouri take less than five minutes to complete and the questions are rather generic. You’ll likely be asked to detail your recent employment history as well as your personal information. Some lenders will also require you to scan or fax a copy of your driver’s license or pay stub to prove your identity and work history. Some online lenders will require you to complete the phone verification. They will ask you subsequent questions about your employment or banking history. All these questions have a purpose as the lenders want to make sure you can pay them back. Many of the verification questions are in place to determine if a consumer is being truthful and is who they say they are. The verification process can take anywhere from an hour to 24 hours depending on the lender.
Before sending in personal information, you should check with the State of Missouri’s Department of Financial Institutions to see if your short term lender is licensed in the state of MO. At this time Missouri has no uniform regulations regarding the application process but that may change down the road. Let’s assume you complete the online verification process and answer all the questions about money. You should be well on your way to getting your loan. Most companies will require that you have a checking account as well as direct deposit. This enables the lender to send funds to your account within 24 hours and it also lets them debit your account on the day your loan is due. Some online lenders with locations in Missouri will give you the option of picking up your loan amount. Most borrowers will do it that same day at any of the brick and mortar stores. This means you can complete the entire application process and have cash in hand in less than one hour if you live near a retail location!
The steps we’ve listed above have given you some insight into how the online lending process works. The good news is that you’ve made it this far and you can finally choose from a good list of payday lenders and installment lenders in Missouri. Try to be careful in selecting the lender and the loan amount that’s best for your situation. Ask yourself, “Do I need a loan in MO? Have I exhausted all my other financial options?” Can I find a personal loan or installment loan lender that offers online loans in Kansas City? If you answer yes to any of those questions then a loan may be the best and only option for you. Be sure that you can pay back your loan on the day it’s due!
Many of our site’s visitors have asked us if we have any tips or recommendations. What are the best ways to search for decent payday or cash advance services in Missouri? Luckily we finished up a new article that touches on that issue. Please read our latest article that gives tips on what to do when looking for payday loans. You can check out these tips to get a better understanding of what the requirements are in our local cities.