Looking for an Unsecured Personal Loan in Missouri?
You’ve stopped into a number of lending offices or called them in search of financial help but you still don’t have the money you need. Does this sound like you? If so, this scenario is one in which millions of people experience each year as they search for financing assistance. If you need money fast and you don’t want to go through the same old process of calls, denial, and repeat, then take 5 minutes to complete our Loan Discovery Program. We can provide you with options for the money you need fast!
Did the constant denials steer you towards a payday lender to get the cash you need? Are you looking for a way out of the cycle of debt the payday lender has entrapped you in? We are that way out. How it works is that we can work with lenders to get you the best terms for an unsecured personal loan, regardless of the reasons other lenders have turned you down. Loans Now is here to help you get out of the payday cycle and get you back on your feet. No longer will you have to stress over having to take out multiple payday loans to cover your expenses.
Unsecured Loans for People with Bad or No Credit
Is part of the problem your credit score? If you’ve made several attempts to get a loan and those lenders have turned you down, then it very well may be your credit score. People with bad credit are often left in these scenarios feeling like they have nowhere else to turn when they receive so many rejections but their bills are still coming in. But people with bad credit do have a resource to turn to that does not include an endless cycle of debt. Loans Now works with people with bad credit, to get them the unsecured personal loan they need and to keep them from getting entangled with predatory payday lenders. The loan you obtain through us can be used for any of the following reasons:
- Build up an emergency fund for an anticipated event
- Cover an unexpected medical bill
- Pay for moving to another city or state
- Finance a home improvement project
- Start a side business to bring in extra income
- Just to make ends meet
- Almost any other financial need that could possibly arise
To help those with bad credit — and whose credit has already been negatively affected by the repeated loan submissions — we do not perform an initial credit check. When you fill out the Loan Discovery Questionnaire, you will need to check your credit score. This will help us process your information, and is how we are able to protect your score (checking your own score is usually free and does not damage your credit). This way we can focus on not just your credit score but all aspects of your situation. A dedicated team member will search our network of lenders who can provide you with the solution you have been seeking this entire time. No payday loans, no triple-digit interest rates, no stress. Get the money you need for the situation you find yourself in fast.
Missouri Payday Lending
Many people tend to think that the quickest way out of a financial problem is to approach a payday lender or to take out a title loan. This is not the best option because payday lending leads people to pay more in the long run because they have to take out multiple loans in order to cover the costs of the previous one. Title lending raises the risk of having their means of transportation taken from them, making it even more difficult to earn an income. Missouri ranks 9th in the country for payday and title lending, leading to residents of the state paying $309 million in 2017. That is an incredible amount of money that could be used towards paying bills, purchasing a reliable vehicle, or improving your home’s energy efficiency.
To make matters worse, there is little business investment in the state. This means that companies are not moving or expanding their operations into Missouri. This puts a damper on new job creation and the possibility for financial improvement. If someone is unable to improve their income situation, it may be difficult to afford a sudden expense or to plan well for the future. The former is what sends people to payday and title lenders. With nowhere else to turn, they seek the fastest option, not weighing all of the details properly. If you have a need for money fast, don’t turn to a payday lender. Loans Now can help you with your financial needs.
Missouri Laws and Regulations for Bad Credit Personal Loans
Missouri has some of the laxest laws in the country when it comes to payday loans. These types of lenders are limited to a 75% interest rate (Missouri Revised Statutes § 408.505.3). Considering that Missourians are allowed to roll over these loans a total of six times, the amount of interest on a payday loan can equal as much as an astounding 1950%!!! This is an enormous amount of money going to finance charges rather than leading someone to financial stability.
Unsecured personal loans from a consumer financial institution, however, come with much better limitations. The Missouri Revised Statutes, in § 408.020 and § 408.030 establishes a more reasonable cap on interest rates. Without a contract, the maximum interest rate is 9%. This is typically between two individuals such as a family member or a close friend, in which there is usually no formal contract. However, if there is a contract involved as there is with consumer finance institutions, the cap on the interest rate allowed for a loan is 10%. If a consumer loan provider is found to be charging more than the legal rate of interest, that lender will be forced to apply the amount collected in excess of the maximum rate towards the principal of the loan.
Loans Now: Core Policies & Procedures
- Never collect or share sensitive customer information: SSN, DOB, Address.
- Never collect up-front payment to process a customer’s loan application / or fund a loan. Loans Now will NEVER ask you to send us money in any form.
- Introduce customers to our Loan Discovery Process. A one-on-one loan service strategy that fits every customer’s unique needs with the right lender for them
Missouri Personal Loan for Bad Credit Lending Regulator
The Division of Finance is Missouri’s way of monitoring and regulating loans for people with bad credit. The potential is there for lenders to attempt to take advantage of people with bad credit and attempt to charge above the legal maximum of interest for a loan. This is the division that handles all complaints and issues in the consumer finance industry in the state.
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K