Missouri

Payday Loans in Missouri

At a Glance
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.

Average Credit Card Debt and Median Household Income in Missouri vs. the U.S.
Missouri
The U.S.
Average Credit Card Debt (Q2 2019)
Median Household Income (2018)

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).

Missouri Payday Loan Statistics (2011-2019)

 

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

 

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