Cash advance loans are small loans usually written for a very short period of time (under one month). They can come in handy in the unfortunate event of an unexpected financial emergency. With more and more residents of Missouri living from paycheck to paycheck, the payday loan industry has been rapidly expanding, now with over 1,200 outlets statewide.

Perhaps an unforeseen financial emergency arises for you, such as driving over something that causes two of your tires to pop and deflate. You know that the money will not be available to get new tires with your next paycheck, but that’s not for two weeks. If you miss work, not only would you lose money but your job, as well. This is the perfect scenario for a cash advance.

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Since the payday loan industry works with your paycheck’s gross and net amounts to decide on a cash advance amount, there’s no need to worry about your credit score. Many lenders will grant you a higher loan amount if your paycheck is directly deposited into your checking account by your employer and/or you write a post-dated check out to the lender for the entire loan amount plus all applicable fees. The cash advance lender simply deposits the check and keeps the fees.

Missouri has a few laws in place regarding the payday loan industry to protect all parties:

Loan must be written for 14-31 days.
No more than 6 total rollovers (paying one cash advance loan off with another), with the principal amount decreasing by at least 5% each time.
Fees (for the entire duration of the loan, including rollovers) cannot exceed 75% of borrowed amount.
Applicable bounced check fees and court costs will apply should the personal check be returned.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.