Find out Payday Loans in St. Louis, Missouri

Do you live in St. Louis, Missouri, and are considering getting a payday loan? Payday loans can be dangerous if you don’t understand the terms and conditions associated with them but at the same time, they can be very helpful in a difficult financial situation. Read on to learn more about payday loans in St. Louis, Missouri, and find out if this type of loan is right for you.

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Basics About Payday Loans

A payday loan is a type of short-term loan that typically has a high interest rate. They are also known as cash advances or check loans. Payday loans are often used by people who are in a financial bind and need cash quickly.

What Is a Payday Loan?

The average payday loan in Missouri is $302, according to the Pew Charitable Trusts. And the typical APR on a payday loan in Missouri is nearly 400 percent.

Payday loans are due on your next payday, typically two to four weeks after you take out the loan. If you can’t repay the loan plus fees on your next payday, you may be able to roll over the loan into a new one. But each time you roll over the loan, you incur additional fees.

If you can’t repay a payday loan, it can cause problems with your bank, credit score, and employment. You may also be sued or have your wages garnished.

What to Consider Before Taking out a Payday Loan?

Before taking out a payday loan, consider the following:

  • How much money do you need to borrow?
  • Can you afford to repay the loan in full on your next paycheck?
  • Do you have any other options for borrowing the money?
  • Are you comfortable with the fees and interest rates associated with payday loans?
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Payday loans can be a helpful way to get access to quick cash, but they are not without their drawbacks. Be sure to carefully consider all of the above before taking out a payday loan.

Alternatives to Payday Loans in St. Louis, MO

There are many alternatives to payday loans in St. Louis, Missouri. Some of these include:

  • Credit Unions

There are many credit unions in the St. Louis area that offer short-term loans at much lower interest rates than payday lenders.

  • Banks

Banks also offer short-term loans, although the interest rates may be slightly higher than at a credit union.

  • Loans from Friends or Family

This is often the best option, as you will not have to pay any interest on the loan.

  • Other Payday Loan Alternatives

There are several companies that offer payday loan alternatives, such as installment loans or personal loans. These options usually have much lower interest rates and fees than traditional payday loans.

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The Legality of Payday Loans in St. Louis, MO

In the state of Missouri, payday loans are legal. The maximum amount that can be borrowed is $500, and the maximum term is 31 days. The Annual Percentage Rate (APR) for a payday loan cannot exceed 1950%.


There are a number of payday loan providers in St. Louis, Missouri. The costs of these loans can vary depending on the provider and the amount borrowed. However, the average cost of a payday loan in St. Louis is $15 per $100 borrowed. This means that if you borrow $300, you will be responsible for repaying $345.

Payday loans are typically due within two weeks, and many lenders will allow you to roll over the loan if you cannot repay it in full. However, this will often result in additional fees and charges, so it is important to understand all of the terms and conditions before taking out a payday loan.

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Interest Rates

In the state of Missouri, the average interest rate for a payday loan is 450% APR. This is significantly higher than the national average of 300%. In St. Louis, the average interest rate is even higher at 500%. The maximum APR that lenders can apply to payday loans in St. Louis should not exceed 1950%

Law Status Permitted 
Minimum Loan Amount None
Maximum Loan Amount $500
Minimum Loan Term 14 days (2 weeks)
Maximum Loan Term 31 days
Maximum Annual Percentage Rates (APR)% Must not exceed 1950%
Additional Fees Not declared 
Collateral or guarantor  None
Non-Sufficient Fund (NSF) Fees None
Number of Simultaneous Loans Not restricted but mustn’t exceed $500 from a lender 
Cooling-off Period None
Rollover  Six (6) rollovers
Extension, repayment plan Not permitted 
Default Penalties Criminal actions are prohibited 
Credit Score Requirements Accessible for bad credit 


There are many different fees associated with payday loans. The most common fee is the finance charge, which is the amount of interest you will pay on the loan. The finance charge is usually a percentage of the total loan amount, and it can vary depending on the lender and the terms of your loan.

Other fees may include an application fee, a processing fee, and a late payment fee. These fees can add up quickly, so it’s important to understand all of the fees associated with your loan before you agree to it.

If you are unable to repay your loan on time, you may be charged additional fees by your lender. Be sure to read over your loan agreement carefully so that you know what to expect if you are unable to repay your loan on time.

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Requirements for Obtaining a Payday Loan in St. Louis

If you’re considering a payday loan in St. Louis, Missouri, there are a few things you’ll need to know.

  • First and foremost, you’ll need to have a steady source of income. This can be from a job, benefits, or any other regular source of income.
  • You’ll also need to have an active checking account in good standing.
  • Finally, you must be at least 18 years old and a resident of Missouri.

If you meet all of these requirements, then you should be able to apply for a payday loan at most lending institutions. The application process is typically quick and easy, and you can often get your money the same day you apply. Just be sure to read the terms and conditions of your loan carefully before signing anything, so that you understand the full extent of your obligation.

The Bottom Line

Payday loans can be a great financial solution for those who are in need of quick cash but don’t have the best credit score. In St. Louis, Missouri there are many different lenders to choose from and with a little research, you should be able to find one that fits your needs perfectly. Before you make any decisions though, it is important to do your due diligence and make sure that the payday loan you choose is right for you. With some research, knowledge, and caution, payday loans in St. Louis can provide much-needed relief in an emergency situation without leaving you with mountains of debt afterwards.