Requirements for an Installment Loan in St. Joseph
While each lender may have slightly different criteria, most third-party lenders ask for the following:
- Government-issued photo ID
- Proof of income (such as pay stubs or benefits statements)
- An active checking account in your name
- Valid phone number and email
- Proof of Missouri residency
Having these documents on hand may help speed up your loan inquiry process.
How St. Joseph’s Third-Party Lenders Can Help With Loan Inquiries
You don’t need to visit a storefront to start the process. St. Joseph borrowers can use third-party platforms to submit their requests from the comfort of their homes.
Here’s how it works:
- Fill out a secure online form. Your request will be reviewed by a network of trusted third-party lenders.
- After pre-approval, one or more lenders will send an offer.
- Review the offer, including APR, terms, and payment schedule
- Accept the loan and receive funds
Make sure you read all of the offer’s terms carefully before signing and look out for fees, total repayment cost, and prepayment options.
Will a Bad Credit Score Stop Borrowers From Getting an Installment Loan?
Not always. Many lenders accept borrowers with low credit scores as long as there’s proof of consistent income.
While bad credit may limit your options or raise your interest rate, it usually doesn’t prevent you from qualifying altogether.
Still, it’s important to read the loan terms carefully. Make sure the monthly payments fit your budget to avoid late fees or further credit damage.
Applicable Missouri Lending Laws and Limits
In Missouri, consumer installment loans are regulated under the Missouri Revised Statutes, Chapter 367 as well as Senate Bill No. 738. Here are a few key legal points to know:
- APR Limit: Missouri law caps annual interest and fees on consumer installment loans at 36%.
- Loan Terms: Loans must have a minimum term of 14 days and a maximum duration of 31 days.
- Repayment Schedule: Loans must be structured with regular installments. Full lump-sum repayment is not required unless chosen by the borrower.
- Prepayment: Borrowers can pay off their loans early without penalty.
- Licensing: Lenders must be licensed by the Missouri Division of Finance to issue installment loans legally in the state.
Conclusion
Installment loans in St. Joseph can be a useful financial tool for handling unexpected expenses. With structured payments and longer repayment terms, they can offer more breathing room than short-term alternatives.
Ready to get started? Fill out our short online form to be matched with a third-party lender today.
FAQs
These are installment loans you can apply for entirely online. The process is often quicker, and funds may be deposited as soon as the next business day.
It depends on your income and ability to repay. Note that taking out too many at once can lead to high debt burdens, so it’s best to manage one at a time when possible.
Make consistent, on-time payments according to the loan schedule. If you can, make extra payments to reduce interest over time and pay off the loan early.
