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

Serving as a center of culture and education in the region, Columbia is a great place to live and raise a family. But not everyone in the area has it easy. There are many who struggle to afford basic living expenses and don’t have the financial assets or access to resources to stay afloat when emergencies strike. For these people, something like vehicle repair or an addiction can leave them feeling like they have no options. Luckily, there are also many resources in Columbia and Boone County that can give them a hand.

Borrowing Money in Columbia

When someone’s car breaks down or their boiler cuts out, they’re going to have to pay for the repairs. For people with low incomes and meager savings, it can be hard to have that kind of money on hand. However, it can also be hard for them to get a safe, reliable loan. Oftentimes, they end up taking out a loan from a predatory lender. These are lenders that take advantage of people’s desperate circumstances; they charge extremely high interest rates and offer only short repayment terms. These are the kinds of loans that trap borrowers into a cycle of debt and land them in court. Before taking out a loan in Columbia, it’s a good idea to learn more about predatory lenders.

Payday Loans in Columbia
A one-way ticket to an unending cycle of debt.

When someone takes out a payday loan, it’s usually to cover short term expenses. However, due to the astronomical interest rates and lightning-quick repayment terms, these loans often end causing a long-term headache.

Payday loans are most often secured by writing a check to the lender for the amount borrowed plus fees and then post-dating the check until the person’s next payday. These are small dollar loans, with a limit in Missouri of $500.(1) State law also mandates a minimum payment term of 14 days and max term of 31 days. The most that a lender can charge in fees and interest is 75% of the amount borrowed.

75% is a pretty high interest rate for such a short term loan. But it gets even worse if the borrower can’t pay it back and has to roll the loan over. Rolling over a 14-day loan would give the borrower another two weeks to pay it back, but would also mean that they’d owe another 75% of what they borrowed. That leaves the borrower with only one month to pay back 150% of the original principal. Ultimately, the annual percentage rate (APR) for a payday loan in Missouri can get as high as 1,950%.(2) That’s beyond “pretty high”. That’s practically lunar.

There are better options available in Columbia — ones that won’t trap borrowers into a vicious cycle of debt. If you would like to report a payday lender in Columbia, 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 Columbia
Safe, fast, reliable and credit-building.

If you have emergency expenses that require quick cash, don’t go to pawnshop, title or payday lender. Choose a personal installment loan from OppLoans instead. Our loans come with interest rates that are 70-125% less than other personal lenders and have terms between 6 and 36 months. This means an easy series of low, fixed monthly payments for our customers that will fit within their budgets.

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.

A personal installment loan from OppLoans can help you build a better credit history and take control of your finances. To apply for a loan right now, just fill out this easy online application. If you’re approved, you can have your funds 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


  1. “Unsecured Loans of $500 or Less.” Missouri Division of Finance. Accessed March 8, 2016.
  2. “Missouri State Information.” Payday loan Consumer Information. Consumer Federation of America. Accessed March 8, 2016.
  3. Car-Title Loan Regulation.” Consumer Federation of America. Accessed March 8, 2016.
  4. Moskop, Walker. “TitleMax is thriving in Missouri — and repossessing thousands of cars in the process.” St Louis Post-Dispatch. Accessed March 8, 2016.
  5. “Missouri Revised Statutes. Chapter 367. Pawnbrokers and Small Loans.” Missouri Legislature. Accessed March 8, 2016.

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