A Different Interest Rate Structure for Cash Advance Missouri
Those who reside in the state of Missouri will no longer have to worry when they have unexpected monetary problems. These days, they can always count on a cash advance Missouri to solve their immediate financial needs that their last paycheck cannot possibly cover.
Ever since the introduction of cash advance lending businesses in the state, the people of Missouri have embraced this latest addition to the list of financial options offered by the finance industry. Apparently, more and more people are turning to these instant financial solutions whenever they are faced with temporary financial setbacks brought about by uncalled for and unplanned circumstances. This ever growing population of cash advance patrons has contributed a lot to the establishment of almost 2,000 cash advance stores within the state.
Who can avail of this loan?
Almost every employed person in the state can apply for a cash advance loan. Cash advance Missouri is specifically created to target the employed individuals of the state. To be eligible for this loan, you should present a document certifying that you are a citizen of the United States, and that you are 18 years old or above. In addition to that, you should have held a job with the same employer three consecutive months before your actual loan application. That job should be able to provide you with a monthly take home pay of no less than $1,000. You should also have an active bank checking account in good standing. In some cases, you will be required to submit a post-dated check.
State of cash advance companies in Missouri
Since 2002, the distribution of cash advance loans has
been regarded as a legal financial transaction in the state of Missouri. From then on, cash advance lending companies have mushroomed all over the community. Despite the presence of hundreds of cash advance companies these days, more and more lending institutions are being established all over the state every year. Apparently, this increasing number of cash advance loan distributors is an effect of the growing number of people who need quick solutions to their temporary financial setbacks.
After the legalization of cash advance distribution in Missouri, a variety of state laws and regulations were formulated with the aim of protecting the aspiring borrowers. Among these laws is that which sets a limit on the interest rate that can be added on the principal loan amount of cash advance Missouri. Unlike other states that provide a specific interest rate for every $100 that the borrower loans, the state government of Missouri has a different basis for the interest rate. Based on the state laws, the interest fee cannot exceed 75% of the original loan amount. Such limit is applied on all cash advance loans, regardless of whether the repayment period has been extended or the loan has been renewed.
The state government of Missouri also puts a limit on the maximum cash advance loan amount. Based on the state laws, cash advance Missouri cannot exceed the amount of $500 for every aspiring borrower in every cash advance transaction that he conducts. However, there are no laws that limit the number of outstanding loans that one can have. There is also no law that regulates the number of cash advance loans that can be provided by a cash advance lending company to each of its customers. GP
Category: Payday loans