Short term lending has been a part of the Missouri economy for years. Unlike some neighboring states, online loans such as installment loans and cash advances are completely legal in Missouri. They have undoubtedly helped out many consumers who were in need of short-term cash within 24 hours. With that being said, there are changes on the way and we’re likely to see some increased regulation of Missouri payday loan lenders. Just recently the Missouri Senate approved sweeping legislation that would essentially end payday loan renewals while reducing the amount of fees and interest that a lender can charge. As of 2017 there are regulations in place that govern the issuance of unsecured loans(payday loans) under $500. We’ll break these rules down below but here are some new additions. There are also a bevy of pending regulations in many cities such as Kansas City and St Louis.

Missouri payday loan lenders must now fully take into consideration a consumers ability to repay back their financial obligation. On top of this the lender must keep all applicable records regarding the loan for at least two years. Another new addition to the Missouri regulations is the fact that a payday loan company can no longer use collection expenses as a form of fees when going after a consumer. Additionally, all payday loan companies in the state must post and be able to show the current interest rates and fees for any specific loan. This applies to online companies and regional lenders in Kansas City and St Louis. Lastly, a consumer that takes out a payday loan in Missouri now has the option to cancel the loan and return the funds back to the lender. This needs to be done within the next business day.


Shown below are the current rules and regulations regarding payday loans in Missouri.

-Loans of $500 or less are regulated as payday loans in the state of Missouri.
-In order to offer these types of short term loans in Missouri a lender must be licensed by the Missouri Division of Finance.
-There is a 75% cap on interest charges with all types of financing, this also includes installment loans in some cases.
-The term of a payday loan must be at least 14 days and can be for no more than 31 days.
-You can renew a payday loan up to 6 times.

You should only use the information below as a general reference as we expect the payday loan laws to change soon in Missouri. The information on this site should not be construed as legal advice, as such we’re not licensed nor are we in any position to give legal advice or recommendations. You should consult with an attorney or state representative to get the latest breakdown on Missouri payday loan laws. There are also certain city specifc lending restrictions in cities like Kansas City and Joplin.