Missouri Payday Loan Laws
 | Min/Max Term of Payday Loan: | 14-31 days | | Max Fees and Finance Charges: | Not specified | | Maximum Loan Amount: | $500 | | Number of Rollovers: | Six (borrower must reduce principal amount of loan by 5% or more upon each renewal) | | Outstanding loans allowed at one time: | Not specified | | Cool-off period: | Not specified | | Military Protection: | Not specified | | Payment Plan: | Not specified | | Limits on collection and presentment: | Not specified | | Collection fees: | NSF fee; Collection costs (including Court costs and Reasonable attorney's fee) | | Presentment Limit: | Licensee cannot use a series of ACH transactions to collect a single check..
| | Penalties: | Civil Fines, Suspension or revocations of license; Cease and Desist Order | | Private right of action: | Not specified |
Missouri Payday Loan Laws:
Missouri passed statutes specifically authorizing payday lending. Lenders may not charge interest and fees in excess of 75% of the initial loan amount on any single authorized loan for the entire loan term and all authorized renewals. Otherwise, interest is set pursuant to small loan law which provides that parties may set rate by contract. The APR for a 14-day $100 loan is 1980%.
| Payday Loan Laws: |
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