Payday Loans in Columbia, Missouri

Incidents happen, and we often wind up in a situation where we must cover some surprise expenses. Consider applying for a paycheck advance loan in Columbia, MO, to see if you qualify.

The loan request process is fast and painless. To be qualified, loan borrowers have to meet a few basic requirements.

What is a Paycheck Advance Loan? What Can It Be Used For?

A payday advance loan is where the borrower will be extended a petite amount of funds on a short-term contract. This is considered an unsecured loan because no collateral is expected.

When surprise bills arise, for example missed rent or utility payments, car costs, health or vet payments, and so forth, people frequently seek out paycheck advance loans.

Payday Advance Loan Criteria In Columbia, MO

In Columbia, MO, cash advance loan borrowers are required to meet a few requirements to qualify for a loan.

The borrower has to:

• Provide proof that they live in Columbia, MO
• Must be 18 years of age
• Receive a steady income that they can provide proof of being at least $1,000/month
• Provide active contact information like cell phone number and email address
• Give their social security number

If a borrower does not satisfy the above criteria, they will immediately be denied a payday loan. Ensure that you have the documentation needed when submitting your application.

Laws and Rules Concerning Paycheck Advance Loans in Columbia, MO

Missouri has deemed cash advance lending legal. However, they have enacted the following rules and laws for the payday lending market:

• An individual money lender can't extend a loan greater than $600. Borrowers are not allowed to have greater than two active loans from different lenders. There is no minimum loan amount.
• The minimum loan term is not set, the maximum loan term length is 31 days. In Missouri, borrowers are not allowed to rollover their loans.
• The fees and charges are different for each loan lender. The service fees enacted by lenders on each loan or transaction are not considered interest. The service fees apply to every $100 loaned and can range from 11% up to 15%.
• An interest rate is required to be mutually settled upon. APR can be as much as 369%.

Will Cash Advance Lenders in Columbia, Missouri, Complete Credit Checks? What If I Have Dismal/No Credit History At All?

Yes, the lenders we have a relationship with will do a credit check on you, still, even if you have no credit or less than optimal credit, you may still be eligible for a loan given that you can show that you can repay the loan. Lenders are typically unconcerned about your credit history if you possess proof of income and a strategy to pay back the loan.

Lenders will rely on a soft credit check, which will have no impact on your credit score. This is only to get an idea of your credit history and basic information.

A hard credit inquiry, on the other hand, must have your permission. These credit inquiries are performed for various purposes, including mortgages, credit card applications, and more.

You can still qualify for a paycheck advance loan with poor credit in Columbia, Missouri, provided that you have proof of repayment.

So, when you apply for a loan, albeit in person or online, double check that you have your income information at hand and any other documents proving that you can repay the loan. The more evidence you provide, the better chance you are to be approved.

When Will I Receive My Cash in Columbia, Missouri?

When you get your loan really relies on your lender as some lenders advertise same-day payday loans, which means you will receive your payday advance loan on the same day you apply, as long as you're approved.

Much of the time, though, lenders will send the borrower their lump sum on the next business day. Businesses typically close for holidays and weekends. Because of this, if you apply on a Friday, you may not get your cash until Monday.

If you're looking for a same-day payday loan in Columbia, Missouri, you will need to ensure you're applying by 10:30 am. All same-day loans going out that day will be approved by that deadline. However, you should submit an application earlier than that if possible, as it will increase the likelihood that you see your cash on the same day that you submit your application.

One additional consideration that you should understand is despite if the lender approves your application and posts the loan to your bank, occasionally the bank won't release that funds at that time. It's important to let your bank know that you plan to receive a paycheck advance loan, so they might make an exception in releasing the loan earlier.

On the whole, it's wise to prepare in advance to get cash on the following business day. That way, you're not left in the lurch if you cannot receive it on the same day.

Consider Working With PaydayLoanRadar

If you possess less than great credit or no credit and are wanting to get a payday loan, consider applying through us, as you frequently have a higher chance of approval.

We work with over one hundred different lenders who offer their services online. Much of the time you will get your loan on the next business day so make sure that you plan correctly.

However, you can always find the nearest paycheck advance loan store to you and apply in person to strengthen the chances of receiving your loan on the same business day. When applying in person, ensure that you have your government ID or driver's license; a passport is sufficient. Now and again, lenders may ask for proof of address, so take along a utility bill to the store too.

To locate the nearest payday advance loan store, please use the list below and locate your city.

Payday Loan Direct Lender Companies in Columbia, MO

Below you will find a list of payday loan companies offering their services in Columbia, Missouri. If you can't find a lender near your location in Columbia, consider applying in a nearby city in Missouri. Alternatively, you can apply online on our website and get a decision almost instantly.