Missouri

Missouri payday loan laws are a result of a bill that was established in 2002. SS/SCS/SB884 states that now borrower shall be required to pay a total amount of interest and fees in excess of 75% of the initial loan amount on any payday loan or and all renewals.

In Missouri the longest an original payday loan can be renewed is 31 days. Missouri law also states the shortest amount of time a loan can be renewed is 14 days. In Missouri a loan is considered completed if the lender presents the check for payment or if the consumer is eligible to apply for a new loan.

The Missouri bill also states that a lender cannot have more than $500 in loans to the same borrower at one given time. Also in Missouri, a person does not commit a crime of passing bad checks unless they close the checking account on which the loan was made before the loan is paid back or if the borrower stops payment.