Missouri
Payday Loans in Missouri
- Nickname: The Show Me State
- Population: 6.13 million
- Capital: Jefferson City
- Website: www.mo.gov
Just over 13% of Missouri residents lived at or below the poverty level in 2019, and the median household income for Missourians during 2018 ($54,478) was nearly $7,500 less than the national average of $61,937.
Payday Loans in Missouri
Payday loans are legal in the state of Missouri. The numbers of payday lenders have been on the decline in recent years. From 2011 to 2019, the state saw a decrease in the number of payday loan licenses issued (from 1,315 in 2011 to 662 in 2019).
As of January 2019, there were approximately 617 active payday loan licenses in the state. However, average loan size and annual percentage rates have been steadily increasing over the years. As of January 2019, Missouri residents had taken out nearly 1 million payday loans averaging $306.49 per loan (as compared to only $290.29 in 2011). In addition, Missouri payday loan borrowers were paying, as of January 2019, annual percentage rates of 526.74% (compared to 430.68% in 2011).
Jan 2011
Jan 2013
Jan 2015
Jan 2017
Jan 2019
# Active Licenses
1,275
1,040
934
898
617
# of Loans
2.83 million
2.43 million
2.34 million
1.87 million
998,776
Ave Loan Amount
$290.29
$307.56
$306.12
$309.64
$306.49
Ave # of Renewals
1.7
1.6
1.5
1.6
1.6
Ave APR
430.68%
444.61%
454.62%
451.91%
526.74%
Consumer Protection in Missouri
How to Report a Lender in Missouri
Borrowers can report lenders by filing a complaint with the Missouri Division of Finance. Simply submit a complaint form by email, mail, or fax.
The Missouri Division of Finance information
- Address: 301 W. High Street Jefferson City, Missouri 65102
- Phone: (573) 751-3242
- Website: https://finance.mo.gov/
Guides to Payday Loans in Missouri Cities
Check out these payday loan guides for the following cities in Missouri…
Columbia | Independence | Jefferson City | Joplin | Kansas City | Springfield | St. Louis