Installment Loans in Missouri
Anyone on the market for a good loan offer needs to explore what Missouri installment loans are and how they work. There are a lot of loan options out there, but this online loan option might be best for individual consumers depending on their unique situations.
Application process and general requirements
As with just about any loan out there, interested individuals are going to have to fill out an application before they can be considered for installment loans in Missouri. However, they'll be able to take advantage of the fact that the application for an online installment loan is so simple.
Some key details about the applicant will need to be provided in pursuit of an installment loan estimate. The application will include some questions about the applicant's income source. The application will also include questions about the identity of the applicant and the residence.
For Missouri installment loans, a few basic requirements will need to be met. It's necessary for applicants to be able to document their income so that they can get an installment loan online. Many types of income are acceptable for an online loan application. Employment wages, social security benefits, disability benefits, unemployment benefits, and more can be considered as income to back up the applicant.
There is also the requirement that the individual who is applying is at least 18. Age will be verified via the ID form that is submitted with the application. Other requirements for installment loans Missouri that are simple to meet are that one must have a checking account. Also, one must be a permanent resident in the state of Missouri to apply for an installment loan online.
Special advantages offered by this type of loan
The types of advantages provided with Missouri installment loans aren't available with other loan types out there in every case. Consumers should know how they stand to benefit from an installment loan online before they get started.
Because it's an online installment loan, one obvious benefit for installment loans Missouri is that one can apply online. If you want to apply for a loan, take advantage of the fact that you don't have to leave your home. You can apply from any place where you have an internet connection.
The speed of the process for installment loans Missouri is definitely the other major benefit to factor in. There are many cases where the funding is provided on the same day as the approval. And it's convenient with Missouri installment loans that the funds are immediately sent right to the borrower's checking account. Accessing these funds from installment loans in Missouri couldn't be more convenient.
There are other advantages to be had like the fact that credit requirements tend to be on the lenient side and an applicant will receive a decision on his or her application just about instantaneously.
The unique aspects of this loan type
- No collateral is required- This is not like a car title loan, auto loan, or mortgage loan. There is no collateral. This means that for an installment loan online, the borrower doesn't have to put any valued possession on the line.
- Applying can be done online- An online loan doesn't require meeting with anybody in person.
- No paycheck is required- Those who pursue the online installment loan don't need to be employed like they do with payday loans. No paycheck required.
- Some credit requirements are more relaxed than with traditional loans- Getting approved isn't too hard once the basic requirements are met by the applicant.
Requirements to Apply
- Age requirement: You have to be 18 years or older to be apply.
- A checking account: You must have an active checking account.
- Living in the USA: Only permanent residents and/or citizens of the USA can be approved for a loan.
- Documented income: Evidence of a documented income will be needed to be approved.
State Regulatory Agency
Missouri Regulatory Agency Contact Information:
- Missouri Division of Finance
- Harry S Truman State Office Building, Room 630
- P.O. Box 716
- Jefferson City, Missouri 65102
- Phone: 573.751.3242
- Fax: 573.751.9192
Legal Regulations for Missouri Installment Loans
- Statute Citation: Consumer Installment Loans: 408-510. Rates of Interest: 408.100
- Regulator: Missouri Division of Finance
- Interest and Permissible Fees: Not governed, rate determined by lender and consumer; 5% or $75 one time fee may be charged; 5%, not to exceed $50, delinquency fee; $25 NSF fee.
- Missouri Average APR: 89-449%
- Maximum Loan Amount: $3,000
Credit Counseling Information
Personal installment loans should not be used as a long-term financial solution. They are geared for short-term financial needs only. A customer with credit difficulties should look into credit counseling. For more information, please see below:
- National Foundation for Credit Counseling: www.nfcc.org
- Consumer Credit Counseling Services: www.credit.org/credit/
- The Credit Counseling Professionals: www.consumercredit.com
- Credit Counseling Services: www.consolidatedcredit.org
Example of Installment Loans Terms and Repayment
- Loan Amount - $500
- Biweekly Payment - $85
- Duration in weeks - 26
- Total Due - $1,105
- APR - 360%
- Loan Amount - $1,000
- Biweekly Payment - $132
- Duration in weeks - 52
- Total Due - $3,432
- APR - 328%
- Loan Amount - $2,000
- Biweekly Payment - $258.29
- Duration in weeks - 34
- Total Due - $4,390.93
- APR - 275%