Payday Loans Springfield Missouri

Secure payday loans in Springfield, Missouri, effortlessly via zaving's online application process for quick financial assistance.

Last updated by Zaving Editorial Team, on April 8th, 2024

In search of payday loans in Springfield, Missouri? zaving understands that financial urgencies can happen to anyone. Our online platform provides a quick solution to help you bridge short-term financial gaps confidently. With multiple lenders available, zaving can help you manage sudden financial gaps effectively. Apply today through zaving's user-friendly platform and tackle immediate financial needs promptly.

What are payday loans and can I get them in Springfield, Missouri?

Payday loans are short-term, high-interest loans intended to be repaid on the borrower's next payday. These loans are commonly used for unexpected expenses or emergencies, involving borrowing a small amount that must be repaid, along with fees and interest, within a brief period.

In Missouri, including Springfield, payday lending is legal, and the state has some of the most relaxed payday lending laws in the country. Borrowers in Springfield can easily access payday loans from licensed lenders through both storefronts and online platforms. To qualify for a payday loan in Springfield, specific eligibility criteria must be met, including being at least 18 years old, providing proof of a regular source of income, being a U.S. citizen or permanent resident residing in Missouri, having an existing checking account, and providing a valid photo ID for identity verification.

Before deciding to take out a payday loan in Springfield, it's essential to thoroughly review the terms and conditions, including fees and interest rates. Ensuring the ability to repay the loan on time is crucial for responsible borrowing.

What are the rules for payday loans in Missouri?

Missouri distinguishes itself with notably permissive payday loan regulations. It is important for borrowers to understand the specific terms governing these short-term financial solutions.

The key features of payday loans in Missouri are outlined as follows:

  • Maximum loan amount: $500
  • Minimum loan term: 14 days
  • Maximum loan term: 31 days

Maximum APR: Theoretical allowance of up to 75% of the initial principal balance, potentially resulting in a $75 charge for a $100 loan and a staggering 1955% APR.

However, the practical average APR for payday loans in Missouri tends to be lower, typically around 500%.
A noteworthy aspect of payday loans in the state is the provision for renewals, allowing for up to six renewals. However, this privilege is subject to a unique condition:

Rollover condition: To qualify for each renewal, the borrower must actively reduce the principal amount by 5% before each renewal period.

Illustratively, in a scenario where a borrower has a $500 payday loan with a 14-day term:

  • Renewal 1: Pay $25 to renew the loan, reducing the remaining principal to $475.
  • Renewal 2: Pay 5% of the reduced amount ($475), yielding $451.25, and so forth.

Prior to opting for a payday loan in Missouri, it is crucial for individuals to be cognizant of the terms and cost implications. This understanding ensures that the loan aligns with their financial circumstances, empowering borrowers to make informed decisions regarding this specific short-term borrowing option.

What are the pros and cons of payday loans in Springfield?

Before considering a payday loan in Springfield, borrowers should carefully evaluate the advantages and disadvantages of this financial option:


  • Quick access to funds: Payday loans offer rapid access to cash, addressing immediate financial needs for Springfield residents.

  • Simple application process: The application process is typically straightforward, requiring minimal documentation compared to traditional loans, making it convenient for borrowers in Springfield.

  • No stringent credit checks: Lenders often do not perform rigorous credit checks, increasing accessibility for individuals in Springfield with poor credit.

  • Flexible repayment options: Missouri allows up to six rollovers with a 5% principal reduction, providing borrowers with some flexibility in repaying the loan.


  • High interest rates: The average APR of around 500% in Missouri is considerably expensive, potentially trapping borrowers in a cycle of debt due to exorbitant interest charges.

  • Short repayment terms: The 14–31-day repayment term may pose challenges for many Springfield borrowers, leading to late fees and rollovers, which can escalate the overall cost of the loan.

  • Rollover trap: While rollovers offer flexibility, they also contribute to the total cost of the loan through additional interest charges, turning into a potential debt trap for borrowers unable to repay the full amount within the initial term.

  • Limited loan amount: The $500 maximum loan amount might not be sufficient for larger financial needs for residents in Springfield.

More of your frequently asked questions about payday loans in Missouri

Can I take out multiple payday loans in Missouri?

Multiple payday loans are permissible in Missouri, but there are stipulations in place. The total sum of payday loans outstanding concurrently, whether from a single lender or their affiliates, is restricted to $500. This limitation remains applicable even if borrowers have loans from distinct lenders, provided they are affiliated entities, such as branches or partnered businesses. For instance, if a borrower presently holds a $300 loan from one lender and a $200 loan from an affiliated lender, obtaining additional payday loans is prohibited until at least one of the existing loans is settled. However, upon the full repayment of a payday loan, borrowers are entitled to secure a new loan. There is no explicit prohibition against immediately acquiring a new loan after settling the previous one, but borrowers are urged to be mindful of the associated costs and risks associated with frequent payday loans and to borrow responsibly.

What happens if I can't repay my payday loan in Missouri?

If you find yourself unable to repay your payday loan in Missouri, it's crucial to understand the potential repercussions. Late fees are a common occurrence, increasing the overall cost of the loan and exacerbating the challenge of repayment. Missing payments could prompt the lender to escalate the situation by sending your debt to collections, adversely affecting your credit score and subjecting you to persistent calls and letters. In more severe scenarios, the lender may resort to legal measures, possibly leading to a lawsuit for the outstanding balance and the potential for wage garnishment. Taking proactive steps by communicating with the lender is advisable, as they might be open to negotiating a repayment plan. Seeking guidance from a non-profit credit counseling agency is another avenue, offering free or affordable advice to help you devise an effective debt management plan.

Can I get a payday loan in Missouri with bad credit?

Yes, securing a payday loan in Missouri with bad credit is feasible, as payday lenders typically prioritize income and repayment capability over credit scores. However, it's crucial to be aware of the high-interest rates and fees associated with payday loans. Thoughtful consideration of the costs is essential before borrowing, particularly if you have a less-than-ideal credit history.

What are some alternatives to payday loans in Missouri?

In Missouri, there are several alternatives to payday loans worth considering. These include building an emergency savings fund, checking out credit unions for small-dollar loans, negotiating payment plans with creditors, and exploring government assistance programs or nonprofit organizations for financial aid. Furthermore, personal installment loans, employer advances, peer-to-peer lending, and cautiously using credit card cash advances can serve as more affordable substitutes. Seeking guidance from financial counseling services is also valuable for making informed decisions in effectively handling financial challenges.