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As a Missouri resident, you're a Midwesterner through and through. You embrace the "Show me State" nickname on the license plates and enjoy the fun activities and landmarks like the Saint Louis Arch. The state also boasts gorgeous natural landscapes, plenty of culture, and great food.

And by living in Missouri, you also have plenty of loan options. Whether you live near the Mississippi River or are closer to the Northern Plains, you can access all kinds of personal loans in Missouri.

Types of Loans in Missouri

Missourians enjoy the ninth-lowest cost of living in the United States. The cost of groceries, housing utilities, and transportation are well below the national average.

But this doesn't mean that living in Missouri is always easy. You might find you need a loan for many reasons. Perhaps you have an unexpected medical or hospitalization expense. Maybe you need new furniture or appliances. Or you might want to splurge on a long-awaited dream vacation and don't have the ready funds.

The good news is that, as a Missouri resident, you have many loan options. One way to get a loan in Missouri is to visit a bank. You can also secure personal loans from the following:

  • Small loan companies: These lenders offer secured and unsecured financing. The minimum borrowing amount is $500, with no capped maximum amount.
  • Payday lenders: These unsecured lenders issue loans no higher than $500 with a 14- to 31-day limit. Interest on payday loans in Missouri must not exceed 75% of the amount for the life of the loan and all renewals.
  • Consumer installment lenders:They provide secured or unsecured financing of $500 or more. Loans are repayable in at least four installments over 120 days or longer.
  • Title loan lenders: These lenders issue loans secured by car titles. Depending on the lender and vehicle, you could get up to $50,000 in cash.

You could also get a pawn loan in Missouri. Pawn loans fall under Missouri Laws, Chapter 367, “Pawnbrokers and Small Lawns.” The Missouri Division of Finance doesn’t regulate pawnbrokers or pawn shops as it does other loan companies or organizations. Local governments handle licensure and regulation instead.

In Missouri, a pawn loan is a type of 30-day secured credit loan. According to the law, you have up to 60 days to pay off the loan and any interest to retrieve your collateral. But if you don’t pay back the loan and other charges, you give up your collateral to the pawnbroker/lender.

You have access to many loan options in Missouri. Whether you need a cash advance or to finance a purchase, there's a personal loan for you! Jora Credit offers a variety of loans to suit all your needs. Visit here to learn more about Jora Credit's online loan direct lender advantages.

What to consider when looking for loans

Before hopping online or visiting a lender in person, it's important to do your homework first. Consider the following to help you find the best financing for your specific needs.

The Purpose

Knowing why you need the money is a critical first step. It means you can find the best loan for your needs. Buying a new appliance or furniture might require a different loan than paying for a wedding or getting a cash advance before your next payday.

Interest Rates

Different loans carry different interest rates. An unsecured bad credit loan might have a higher interest rate than a secured loan issued to someone with good credit.

For example, payday and title loans can carry triple-digit interest rates, especially if you don't pay them off immediately. Installment loan interest rates can vary, too. Sometimes a debt consolidation loan might offer a lower interest rate than what you pay on credit cards.

Understanding interest rates is essential. Higher interest rates mean your loan costs significantly more.

Loan Length and Amount

Loan lengths can range from 15 days to three years and longer, depending on the type of financing. Knowing the loan length, or term, helps you understand how long it will take to pay it off.

Additionally, loans come in different amounts. Payday loans in Missouri can't exceed $500. Title loans could offer as much as $50,000 (but also have much higher interest rates).

This is why knowing the loan's purpose before borrowing is important. Don't take out more money than you need.

Why Jora Credit?
We are a state-licensed, direct lender providing online loans that give you access to the funds you need.
It’s easy to apply right from your phone, laptop or tablet – anywhere, anytime. And it only takes a couple minutes.
Plus, there's no prepayment fees if you want to pay off early and save some money on interest.
Accept your loan by 10:30 am Central time (Monday - Friday excluding holidays) and you can get your funds on the same day.*

Loan Requirements

In most cases, lenders in Missouri won't hand you cash just because you ask. Those lenders need to know more about you. Be prepared to share the following information.

Credit Score

A credit score tells a lender about your ability to pay back a loan on time. The lender will access either your FICO or VantageScore credit score. Unless you’re seeking a pawn or payday loan, most lenders want to know your credit score—even if it’s low. Keep in mind that a low credit score doesn't prevent you from getting a loan. Bad credit loans can get you the cash you need.

That score comes from credit report information. And those credit reports come from three credit bureaus: Equifax, Experian, and TransUnion.

While your lender will "pull" your credit score, you can also access it ahead of time. You can get your FICO score through your bank, credit card, or mortgage provider. You can also access your credit reports for free from all three bureaus once a year.

Income and Employment History

Another thing your lender wants to know is whether you have the means to pay back a loan. This calls for proof of income and employment verification. The lender will want to review your pay stubs and/or income tax returns. Other helpful paperwork includes employer verification or a job offer letter.

Debt Payments

Some lenders might want to know your current debt load to assure them that you can afford to pay off a new loan. The number lenders examine in this case is the debt-to-income ratio (DTI). The DTI is your monthly debt payments divided by your gross monthly income. Most lenders generally prefer a DTI to be no higher than 40%. Depending on your credit score, some lenders might consider a higher DTI.

Current Assets

An asset is something you own that has value, like a house, car, checking and savings accounts, or life insurance policies. A lender might want to know your assets if you're considering a secured loan. Read below for more information about secured loans in Missouri.

How to Get a Loan

It might be tempting to head straight for the local small loan storefront or online company to get your money. But before doing that, be sure you’re prepared to do business with the lender. Here are some things to consider before applying for your loan.

Know How Much You Need

As mentioned above, figuring out how much you need ahead of time means you won't apply for too much. In fact, over-borrowing just to have more cash could increase your interest rate. Knowing exactly how much you need also helps ensure you find the right type of financing.

Have the Right Paperwork

Even if you’re seeking out a bad credit payday loan or title loan, the lender wants to be sure you can pay them back. In most cases, you also need to live in Missouri to qualify for a small company loan or payday loan. Your state-issued identification (like a driver’s license) will help prove residency.

Other information you might need includes proof of income or employment, bank accounts, and other assets. Gathering this information ahead of time helps speed up the loan process.

Shop and Compare

As a Missouri resident, you have a lot of loan choices. Those choices come with different amounts, interest rates, and terms. Because of this, you must do your research. Dive in and compare loans to determine the best option for your needs and budget.

The rule of thumb here? Don't automatically accept the first quote that comes to you. It's okay to hold off on saying "yes" until you understand all your options.

Ensure the Lender Is Legitimate

Most lenders must hold a license from the state of Missouri to do business here. The Missouri Division of Finance keeps track of all lenders that can do business in the state. When researching potential lenders, the MDF should be one of your first stops.

But keep in mind that licensure and MDF approval doesn’t guarantee lender honesty or reliability, which means more research on your part.

As for reputation, check on sites like the Better Business Bureau (BBB) and Trustpilot to see what other customers are saying about them. Jora, for example, has 4.7 out of 5 stars on Trustpilot with 1,210 reviews. See if the lender has any online testimonials on their main website, too.

Additionally, legitimate lenders will have physical addresses (trackable on Google Maps) and phone numbers on their websites.

Finally, watch out for lender red flags. These can include:

  • Aggressive cold-calling or out-of-the-blue emails
  • A promise of guaranteed “upfront” approval
  • Pressure to act now to apply for the loan so you don't miss out on a lower interest rate
  • A demand for upfront payment before you apply for the loan
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Apply for the Loan

If you’ve done your homework and are happy with the lender you find, go ahead and apply. You might either apply in person at a physical location or online from the comfort of your home.

When applying, keep the following in mind:

  • Understand extra fees: Loans come with interest rates, of course, but there could be added costs on top of those rates. These might include origination or processing fees, as well as "convenience fees" for monthly online payments. Understanding those costs could avoid surprises after you receive the loan.
  • Read the fine print: Lenders have specific rules for paying back loans. Some might not tolerate late payments and charge extra if you miss even a day. Others might not accept loan payoffs before the end of the lending period. Before signing on the dotted line, be very sure that you understand all the requirements.

Additionally, if questions come up during the application process, be sure to ask the lender. Don't wait until you have the loan funds and it's too late to voice any concerns.

How Would the Loan Help Me?

If you’ve done your homework and are happy with the lender you find, go ahead and apply. You might either apply in person at a physical location or online from the comfort of your home. When applying, keep the following in mind:

1. It Helps With Expenses

Personal loans can be ideal for dealing with unexpected expenses or sudden costs. For example, extra cash can be very useful if your water heater or air conditioner breaks and you need a new one.

Or you might want to take a trip you've dreamed of for a long time but haven't had the money to do so. A short-term personal loan can help you with the vacation of your dreams.

Are you paying for a wedding or covering funeral costs? Do you need emergency cash? Do you want to consolidate debt? Personal loans can help with all this—and more.

2. It Builds Your Credit

If you have bad credit or no credit, taking out and paying off a loan can help improve your credit score, as long as the lender reports on-time payments to the credit bureaus.

Be sure to make on-time payments and follow the payback parameters of your loan. Doing so shows lenders and creditors that you're responsible with money and can lead to better loan options in the future. This is especially the case if you've paid off different loan types.

Lenders like to see loan diversity in your credit report because it demonstrates that you know how to handle different financial obligation types.

Common Reasons to Get a Personal Loan in Missouri

Personal loans are a highly versatile personal funding solution. Some lenders may ask why you need the funds as part of the application process. But typically, you can use the funds for nearly anything you can imagine. All you'll need to do is repay the loan on time – plus interest and any other applicable fees.

If you're considering getting a personal loan in Missouri, here are some common reasons you might want to apply.

Emergencies or Unexpected Expenses

A personal loan can help in times of financial need, such as when you receive an unexpected medical bill or get a flat tire. They can also be useful if you or someone in the household suddenly loses their job and needs extra money to make it through the month. Other common emergencies a personal loan might be helpful for include:

  • Higher than usual taxes
  • Funeral expenses
  • High utility bills
  • An emergency plumbing or electrical issue (e.g., a burst pipe in the bathroom)
  • Essential appliance or equipment replacement
  • Pet or veterinarian expenses

Unlike payday loans, you usually have more time to repay any borrowed money. This can give you the time you need to get back on your feet and find a long-term solution – while paying what you owe.

Relocating or Moving Costs

You can also use a personal loan to help cover moving costs. This might not be necessary if you're not going far, but the extra cash could be vital if you're moving out of state or have to pack many things.

Things like movers, packing supplies, U-Hauls, overnight hotel stays, and gas can quickly add up. Not only that, but you might need to pay an initial deposit at your new place. This could be a security deposit of a few hundred dollars or the entire first month's rent. A personal loan can help cover these relocation costs and make the move much less stressful.

Home Renovations or Repairs

If you're a homeowner, you understand the costs of owning your own property. You may also be accustomed to paying for things you did not expect. For example, you might have to pay for a new HVAC system or refrigerator. Or you might need to fix a hole in the wall or a crack in the floor.

Whatever the case may be, a personal loan could help. Try to choose one for the exact amount you need so that you do not end up owing more than you're comfortable with.

Life-Changing Events

While exciting, major events – such as weddings or childbirth – can also be expensive. And while you can plan in advance for many of them, you might not be able to budget for everything in time for the big event. If that happens, you can take out a personal loan to bridge any financial gaps in your savings or emergency fund.

Managing Your Personal Loan in Missouri: Key Considerations

Personal loans are a type of debt, meaning they can lead to bigger financial problems if you're not careful. Before getting a loan, here are some things to consider so you can successfully manage it:

  • Loan term: Choosing the right repayment term is key to ensuring you can repay what you owe on schedule. If you can only afford a smaller monthly payment, a loan with a longer term might be right for you. But if you can afford larger monthly payments, consider a shorter repayment term. You might also be able to save money on interest with a shorter term.
  • Loan purpose: You should avoid using a personal loan for several things, such as a college education or a down payment on a vehicle or house. If possible, hold off on taking out a loan unless you need one.
  • Debt cycle: It's all too easy to get caught up in a cycle of debt, so make a plan before getting a loan. Make sure you can make all of your payments so you can pay off the loan on time. This could give your credit score a boost while preventing late fees. It can also help you avoid taking on more debt than you can handle.

Secured vs. Unsecured

Another decision to make when borrowing money is whether you want a secured or unsecured loan. Here are the differences:

Secured Loan: Borrowing With Collateral

A secured loan means you use something you own as collateral. Collateral is an asset, or something that's of value to you and the lender. Collateral can include (but isn't limited to) property, cars, savings accounts, or collectibles.

With a secured loan, you offer that collateral as "backing" to the lender. If you fail to make payments on your loan, the lender repossesses that collateral and sells it to recoup the funds.

Pawn loans are a good example of secured loans, and installment loans can also be a type of secured loan. Banks can also offer secured loans.

Unsecured Loan: Based on Credit

But an unsecured loan doesn't require collateral. Instead, the lender might focus on your credit score, income, or employment. Most online loans fall into the "unsecured" category. Credit cards are also unsecured loans, as are payday loans. From a lender's standpoint, unsecured loans can be riskier. They might require higher credit scores and carry higher interest rates than a secured loan.

Which Loan Is Better?

There’s no simple answer to this. Lenders regard secured loans as less risky. They can sell the collateral if borrowers default on payment. This, in turn, means that secured loans can carry lower interest rates.

But for you as the borrower, that can also be a downside. If you miss payments or fall behind, the lender can seize your collateral. Repossession negatively impacts your credit score. It could also leave you without a place to live or a means of transportation. If you take out a pawn loan and fail to pay it back, you could lose a cherished memento. Additionally, a secured loan can take more time to process, as the lender needs to examine the collateral's value.

Finally, an unsecured loan can be processed—and approved—much faster, especially if the lender is online. But loans without collateral can be more difficult to obtain if you have bad credit. They also tend to have higher interest rates.

Frequently asked questions
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Jora Credit is the Lender. Jora Credit operates under state specific companies, licenses, and rules for the states that it services. Jora Credit does not lend or arrange loans or lines of credit in all states. Please see What it Costs for the serviced states and applicable terms.

People Also Ask (FAQs)

How much can I borrow?

It depends. In Missouri, the maximum you can borrow on a payday loan is $500 – and the idea here is that you pay it off by your next paycheck. Failure to immediately pay off that loan can mean escalating interest rates and an ever-expanding debt.

Most loans issued by small-loan companies have a $500 minimum. If you’re seeking out an installment loan, you could borrow up to $5,000, depending on the company. Title loans can provide as much as $50,000.

How long does it take?

Again, this varies based on issues like credit score and type of loan. A bank loan can take up to 10 days. A secured loan application process might require more time, as the lender must assign a value to the collateral used. Meanwhile, online personal loans, payday loans, or title loans can offer fast credit. The application process takes only minutes, and you could receive funds within the same day.

What happens if I have bad credit?

If you have bad or no credit, you might not qualify for an unsecured personal loan from a traditional bank. But with a little research, you can find bad credit loans in Missouri that might meet your needs.

Many small loan companies are licensed to do business in Missouri, giving you plenty of financing options. Jora Credit is a good example of an online loan provider that offers unsecured financing. Jora doesn't always examine an applicant's credit score and instead looks at other factors. You can apply in minutes for a Jora Credit loan and often receive your funds on the same day.

You might also want to consider a secured loan and offer collateral. Payday loans might be helpful if you need immediate cash.

Additional State Information on Missouri

Missouri has a lot to offer its residents, including bustling cities and great sites. There are also plenty of loan types to meet every financing need.

But if you're interested in getting a personal loan in Missouri, keep the following in mind.

1. Most Lenders Are Exempt From Missouri’s Usury Law

State laws limit how much interest a lender can charge consumers, which is called usury law. It's in place to protect borrowers from predatory lenders that set very high interest rates. In Missouri, the only lenders that must adhere to the state’s usury laws are mortgage companies. Any other lender—small loan companies, payday lenders, or title lenders—doesn't have to comply with these requirements.

On the plus side, the Missouri Division of Finance set the maximum interest rate for any lender at 9%. The exception is if a consumer willingly agrees to pay a higher interest rate. It's important to read the fine print on your loan contract so you avoid "accidentally" agreeing to a higher interest rate.

2. A State License Doesn't Guarantee an Honest Lender

If a lending company has a Missouri state license, this means the state checked out its operations. The state considers that the company is reputable enough to do business.

But licensure doesn't guarantee a lender's ethical or honest behavior. Keep in mind that the Missouri Division of Finance also regulates payday and "get-money-fast" lenders.

As such, it's up to you to do your homework about a lender you're considering. Research that lender's record, examine online reviews, and study the website. Also, check with the Better Business Bureau for any complaints.

The takeaway is that Missouri can provide many financing options for what you need. To get the right loan for your needs, figure out why you need the money, keep current with your credit score, gather your information, and do your research.

While you're doing your research, Jora Credit to your lender list. Jora Credit is an online lender that is licensed to do business in the state of Missouri. We offer a variety of loan options no matter your credit situation. Take advantage of our easy application process and flexible repayment options.

Want to know more? Visit us today!