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A payday loan is an easy to get short term personal loan designed to help you cover expenses when you are in between paychecks. Find out three things you need to know before getting a payday loan in Missouri.

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Payday Loans Are Advanced Against Your Next Paycheck

A payday loan is sometimes called a payday cash advance because payday loan lenders advance you money against your next paycheck. Borrowers who get a payday cash advance are not subject to a credit check like borrowers who get other types of loans.
To make sure that you pay back every penny you borrow, lenders ask you to write a postdated personal check. When the loan is due, the lender cashes the check and marks your bill paid in full.

You May or May Not Have to Provide Documentation
Although bad credit isn’t a problem when it comes to payday loans, borrowers may be asked to provide documentation like bank statements, check stubs, and other forms of identification. This almost always occurs in retail locations. Online borrowers have it much easier, particularly if they are dealing with a lender that requires no faxing. Faxless of no fax lenders typically do not require any documentation.

MO Laws Doesn’t Guarantee a Low Interest Rate
Some states have laws that limit the amount of interest a payday lender can charge to 15 percent. While Missouri does have similar rules to protect borrowers in St Louis, Springfield, Independence, and other Missouri cities, they are not nearly as strict. Borrowers can be charged interest and fees that total up to 75 percent of the initial loan amount. This makes it a good idea to shop around and compare rates before getting a payday loan in Missouri.

Top Recommended Payday Loan Companies Servicing Missouri: