Payday Loans in Independence Missouri
An OppLoans Guide to Getting The Help (and The Loan) You Need


Independence is a wonderful town with deep ties to American history. After all, it served as the starting point for the Oregon Trail and is also the birthplace of President Harry S. Truman. But just because a place has a name like “Independence” doesn’t mean that there aren’t people there who need a little help. People with low incomes, poor credit histories and little-to-no access to traditional financial institutions often lack the resources to help themselves in times of need. Some people face the prospect of predatory lenders when they need a loan to cover emergency expenses. Some struggle to afford basic necessities like food, shelter and power. Others deal with problems like mental illness, addiction or chronic medical conditions. But happily there are many places in Independence and nearby where people can find help. It’s just a matter of knowing where to look.

Borrowing Money in Independence

When there are emergency expenses to be paid, there are a lot of loans out there that can get you quick and easy cash. However, most of these loans are going to have a long and expensive afterlife. Predatory lenders take advantage of people with low incomes and poor credit histories who find themselves facing unexpected bills. Their loans come with high interest rates and short repayment terms that are very profitable for the lender but can trap the borrowers into a harrowing cycle of debt. Taking out a loan from one of these lenders could mean that this emergency is not the end of your troubles, but just the beginning. Learn some more about different kinds of predatory lenders, as well as one kind of loan that gives you a safe, reliable option.

Payday Loans in Independence
A quick infusion of cash could lead to a long drain on your personal finances.

The simple truth about payday loans is that they are almost never worth the costs and risks. They are small dollar loans with high interest rates and short repayment terms that can all too easily trap the borrower in a cycle of debt.

In Missouri, payday loans come with terms between 14 and 31 days.(1) They also have a maximum loan amount of $500 and the lender can charge up to 75% of that amount in fees and interest.(2) This means that, for every $100 someone borrows, they could owe $175. Measured as an annual percentage rate (APR), this comes out to a mind-blowing 1,950%. That’s “we’re gonna need a bigger boat” territory.

The real problems with payday loans emerge when people can’t repay them on time — which can easily happen given how much they owe and how little time they have to pay it back. To “rollover” a loan means to give the borrower a new payment term in return for charging more fees and interest — in this case, to charge them another 75%. So that $175 someone owes becomes $250. If they roll it over again, it becomes $325 and so on. This is how payday loans trap borrowers into a cycle of debt — one that they will be hard-pressed to escape from.

If you would like to report a payday lender in Independence, or would like more information, please contact the Missouri Division of Finance at (573) 751-3242 or the Consumer Financial Protection Bureau at (855) 411-2372.

Personal Installment Loans in Independence
Get the cash you need and start building a better credit history too.

If you need quick cash to cover emergency expenses, don’t go to a payday, title or pawnshop lender. Get a personal installment loan from OppLoans instead. Our loans are safe, reliable and will fit within a tight budget.

A personal installment loan from OppLoans comes with terms between 6 and 36 months and with interest rates that are 70-125% less than other personal lenders. Our rates are fixed, which means your payments will never change.

OppLoans always strives to deliver fast, flexible, fair and five-star service:

  • Fast: Apply online and find out if you’re approved in minutes. Once approved you can get your cash as early as the next business day.
  • Flexible: We offer longer terms, larger loans, and affordable, fixed payments. Your monthly payment will be the same throughout the life of the loan.
  • Five-Star: Customers rate us 4.9 out of 5 stars for our friendly service. We also provide discounts for credit education.

With personal installment loan from OppLoans, you can take control of your finances and start building a better credit history. To apply right now, all you have to do is fill out this easy online application. If you’re approved, the money can be in your bank account as early as the next business day.

Guides to Payday Loans in Missouri Cities

See more local Missouri guides below:
Columbia | Independence | Jefferson City | Joplin | Kansas City | Springfield | St. Louis

References:

  1. “Unsecured Loans of $500 or Less.” Missouri Division of Finance. Accessed March 8, 2016. https://finance.mo.gov/Contribute%20Documents/500_quick_reference_guide_002.pdf.
  2. “Missouri State Information.” Payday loan Consumer Information. Consumer Federation of America. Accessed March 8, 2016. https://www.paydayloaninfo.org/state-information/33.
  3. Car-Title Loan Regulation.” Consumer Federation of America. Accessed March 8, 2016. https://www.consumerfed.org/pdfs/Resources.CTL.StateLawTermChart12.2.12.pdf.
  4. Car-Title Loan Regulation.” Consumer Federation of America. Accessed March 8, 2016. https://www.consumerfed.org/pdfs/Resources.CTL.StateLawTermChart12.2.12.pdf.
  5. “Missouri Revised Statutes. Chapter 367. Pawnbrokers and Small Loans.” Missouri Legislature. Accessed March 8, 2016. https://www.moga.mo.gov/mostatutes/chapters/chapText367.html.

*OppLoans is not affiliated with any of the programs, services or organizations referenced on this page.