Installment Loans in Missouri Briefly Defined
Installment loans offer a flexible and straightforward way to obtain necessary funds. The subsequent sections will further discuss state-specific caps and regulations.
Maximum Amount You Can Get From Missouri Installment Loans
Missouri installment loans typically range from $500-$30,000. However, these limits may differ between lenders.
In addition, Missouri installment loans don’t have strict borrowing limits.
Missouri Installment Loan Interest Rates
Missouri installment loans do not have a maximum annual percentage rate (APR).
However, as per Missouri Statutes, an agreement in writing between both parties is required for interest rates above 10% APR.
Can You Get an Installment Loan With Bad Credit
Yes, getting an installment loan for bad credit in Missouri is possible. Lenders will generally focus on your ability to repay the loan rather than solely on your credit score.
How to Get an Installment Loan With Our Third-Party Lenders
Obtaining an installment loan through our third-party lenders is a straightforward process.
- Get Started: Complete our online inquiry form to connect with local third-party lenders.
- Get an Offer: A network of lenders will review your request, and you will receive an offer after you pass pre-approval.
- Get Your Cash: After you review and sign the loan agreement, the funds can be disbursed to you, sometimes as quickly as the next business day.
NOTE: When reviewing your loan offer, ensure the terms are clear, and the rates are competitive, regardless of your credit situation. Ask your lender to explain it before accepting or signing anything.
Installment Loan Laws in Missouri
To protect consumers, regulations under the Missouri Division of Finance’s Consumer Credit Installment Lender Laws and Regulations include the following:
- Minimum loan term: 120 days.
- Must be payable in 4 or more substantially equal payments.
- Loans can be precomputed or have a simple interest.
- Borrowers must receive a copy of the loan agreement detailing lender and borrower information, loan terms, and conditions.
- Borrowers can repay the loan early without penalties, and interest should be recomputed if paid early.
Conclusion
Installment loans are a valuable resource for managing financial emergencies in Independence, MO. They offer a structured and flexible way to resolve urgent cash needs.
If you’re looking for installment loans in Independence, submit an online inquiry form to start the inquiry process!
FAQs
Here are common questions about installment loans in Independence, MO.
If you are unable to repay installment loans, you may incur late fees and negatively impact your credit score. This last effect may further impact your ability to take out similar loans in the future.
The APR of an installment loan is calculated by adding your loan’s interest charges with any relevant fees. Divide this sum by the loan amount, then divide the result by the number of days in the loan term.
Multiply the result by 365 for the annual rate, then by 100 again for the percentage.
Installment loans are offered by various institutions. Check the following:
Banks
Credit Unions
Online lenders
In-store lenders
