Fast Online Payday Loan [ COLUMBIA ]
Possible types of loans:
- $100, $200, $300, $400, $500, $600, $700, $800, $900, 1000 dollars are emergency payday loans in Columbia Missouri USA, which are issued for a period of 1, 2, 3 or 4 weeks (until your next salaries).
- $1500, $2000, $2500, $3000, $3500, $4000, $4500, $5000 – Columbia, MO installment loans that can be taken out for terms of up to 2 years (most often 1, 6, 9, 12 or 3 months).
To get fast online cash advances (payday or personal loans, short-term loans, fast cash) with instant approval in Columbia, MO, USA, use our simple 5-minute application form! The money will be credited to your bank account within 24-48 hours (or faster) after approval.
Cash Advance Near Me :: Columbia Missouri Direct Lenders (list of offline stores and agencies nearby)
| Company | Address | Phone |
|---|---|---|
| LendNation | 213 Business Loop 70 E, Columbia, MO 65203 | +1 573-875-5611 |
| Advance America | 300 E Ash St, Columbia, MO 65201 | +1 573-449-8550 |
| OneMain Financial | 21 Conley Rd Ste P, Columbia, MO 65201 | +1 573-442-9553 |
| Tower Loan | 3200 Penn Terrace #120, Columbia, MO 65202 | +1 573-886-2112 |
| Regional Finance | 2101 W Broadway #204, Columbia, MO 65203 | +1 573-234-2757 |
| Check n Go | 805 E Nifong Blvd Ste E, Columbia, MO 65201 | +1 573-449-5250 |
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About Instant Loans in Columbia Missouri
A Guide to Payday and Short-Term Loans in Columbia, MO
Facing an unexpected expense between paychecks can leave anyone feeling stressed. For residents of Columbia, MO, payday loans are one of the short-term financial options available. However, it is crucial to understand that these loans are a specific and costly form of credit, heavily regulated by both Missouri state law and local ordinances.
Before considering this path, it’s important to research alternatives like payment plans with creditors, local assistance programs, or borrowing from family. If you proceed, being fully informed of the requirements and terms is your first line of defense. This guide outlines the key details for payday loans in Columbia.
Minimum Requirements for a Payday Loan in Columbia, MO
Payday lenders in Columbia must adhere to state regulations, which set baseline requirements. These requirements are designed to be minimal, making loans accessible but also potentially risky for borrowers. To qualify, you will typically need to provide proof of the following:
- Age and Identity: You must be at least 18 years old and a U.S. resident or legal alien. A valid, government-issued photo ID (like a Missouri driver’s license or state ID) is required for verification.
- Proof of Income: Lenders need to see that you have a steady source of income to repay the loan. This can be proven with recent pay stubs, bank statements showing direct deposits, or documentation for benefits like Social Security or pensions.
- Active Bank Account: You must have an active checking account in your name. The lender will ask for a voided check or your account and routing numbers. This account is used to deposit the loan funds and, crucially, to electronically withdraw the repayment on the due date.
- Contact Information: You will need to provide a valid phone number, email address, and your current residential address.
While a traditional credit check is often not the primary factor for approval, lenders will likely check a specialized database to ensure you do not have any outstanding payday loans with another provider, as having multiple simultaneous loans is restricted.
Terms of Small Short-Term Loans in Columbia, Missouri, USA
The terms for payday loans in Missouri are primarily governed by state law, which sets the maximum amounts, costs, and loan durations. It is vital to read the agreement carefully and understand these terms completely before signing.
- Maximum Loan Amount: State law allows lenders to offer loans up to $500. However, individual lenders may choose to offer less.
- Finance Charges and APR: Missouri law permits lenders to charge up to $75 per $100 loaned for loans up to $250. For loans between $251 and $500, the fee is $75 per $100 on the first $250 and $65 per $100 on the remaining amount.
- Example: On a $300 loan, the finance charge would be calculated as follows: $75 for each $100 on the first $250 ($187.50) + $65 for each $100 on the remaining $50 ($32.50), totaling a $220 finance charge.
- This means repaying $520 on a $300 loan. When annualized, this results in an extremely high Annual Percentage Rate (APR) of over 600% for a typical two-week loan.
- Loan Term: The minimum loan term is 14 days, and the maximum is 31 days. You are expected to repay the full loan amount, plus the finance charge, in a single payment on your next payday or within the agreed term.
- Right to Rescind: You have the right to cancel the loan agreement at no cost by the end of the next business day after the loan is funded. You must cancel in writing and return the full principal amount.
- Rollovers: Missouri law is strict on rollovers (extending the loan by paying only the fee). You are not permitted to roll over a payday loan. You must pay the full amount due when the loan matures.
- Columbia-Specific Regulations: It’s important to note that the City of Columbia has implemented additional local ordinances to protect consumers. These include regulations on how lenders operate within city limits, such as zoning rules for where they can be located. However, the core financial terms (fees, APR, loan amounts) are controlled by state law.
