Legal Status



MO ST 408.500 et seq.

Loan Terms

Maximum Loan Amount: Loans 500 or less subject to these restrictions.

Loan Term: 14-31 days

Finance Charge for 14-day $100 Loan: 75

APR for 14-day $100 Loan: 1955%

Debt Limits

Maximum Number of Outstanding Loans at One Time: A loan pursuant to 408.500 (payday loan §) shall be complete and not renewed when the lender presents the instrument is presented for payment and the payee redeems by paying the full amount. Once complete, the payee may enter into a new loan with a lender. § 408.505(4) R.S.Mo. "A lender, person or entity affiliated with the lender shall not have more than five hundred dollars in loans…outstanding to the same borrower at any one time." Mo. Ann. Stat. § 408.505 (West)

Rollovers Permitted: Cannot use the proceeds of one loan to pay off an existing loan. § 408.505(5) R.S.Mo. Can, however, renew a loan up to six times. R.S.Mo § 408.500

Cooling-off Period: Silent

Repayment Plan: Silent

Collection Limits

Collection Fees: NSF Fee is on books, but laws referencing total are repealed. § 408.505(6) R.S.Mo.

Criminal Action: A person does not commit the crime of passing a bad check pursuant to section 570.120 if at the time the payee accepts a check or similar sight order for the payment of money, he or she does so with the understanding that the payee will not present it for payment until later and the payee knows or has reason to believe that there are insufficient funds on deposit with the drawee at the time of acceptance. However, this section shall not apply if the person’s account on which the instrument was written was closed by the consumer before the agreed-upon date of negotiation or the consumer has stopped payment on the check. § 408.505(8).