Missouri Payday Loans - $500 Max, 75% Fee Cap, DFR Rules (2026)
Missouri regulates payday loans under RSMo Section 408.500 (Small Loan Law), with oversight by the Missouri Division of Finance (DFR). The law caps payday loans at $500 maximum but allows fees up to 75% of the loan amount - one of the highest in the nation. Terms are limited to 14-31 days, and borrowers can only have one loan at a time through Veritec database tracking. Missouri lacks many consumer protections found in other states (no cooling-off periods, no mandated payment plans). This guide explains Missouri's payday loan regulations, costs for residents in Kansas City, St. Louis, Springfield, and consumer protection resources.
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Missouri Payday Loan Laws - What You Need to Know
Missouri enacted the Small Loan Law (RSMo Section 408.500) to regulate payday lending, with significant reforms in 2012 that created the $500 cap and database tracking. However, Missouri's 75% fee cap remains one of the highest in the nation, allowing lenders to charge up to $375 on a $500 loan. All payday lenders must be licensed by the Missouri Division of Finance (DFR) and participate in the Veritec Solutions database.
Key Missouri Payday Loan Regulations:
- $500 maximum loan amount - Enforced through Veritec database
- 75% fee cap - Up to $375 fee on $500 loan (one of highest in U.S.)
- 14-31 day loan terms - Most lenders offer 14-day loans
- One loan at a time - Database prevents multiple simultaneous loans
- No rollovers - Renewals prohibited (but no cooling-off period required)
- No payment plan mandate - Unlike Tennessee (EPP) or Ohio (EPP)
⚠️ Missouri Has Weak Consumer Protections
Missouri's 75% fee cap is among the highest in the nation. A $500 loan can cost up to $375 in fees for just 14 days, resulting in an APR of 1,950%. Compare this to Tennessee (15% = $75 fee, 391% APR) or Michigan (15% = $90 fee, 191% APR for 31 days).
Important: Most Missouri lenders charge 15-20% fees (not the 75% maximum), but the lack of a strict cap means you must carefully compare lenders. Always ask for total cost before borrowing.
The one-loan limit prevents borrowers from taking multiple payday loans simultaneously. The Veritec database tracks all loans in real-time - lenders must check before approving any loan. However, unlike Ohio (4-loan annual limit) or Tennessee ($1,875 annual cap), Missouri has no annual restrictions beyond the one-at-a-time rule. You can theoretically take out dozens of loans per year if you repay each fully before taking the next.
Missouri Payday Loan Cost Comparison
Missouri allows fees up to 75% of loan amount with 14-31 day terms. Actual fees vary significantly by lender (15-75%). Below shows costs at typical 20% fee rate vs. maximum 75% rate:
| Loan Amount | Fee (20% typical) | Fee (75% max) | Total (20%) | APR 14 days |
|---|---|---|---|---|
| $100 | $20 | $75 | $120 | ~521% |
| $250 | $50 | $187.50 | $300 | ~521% |
| $400 | $80 | $300 | $480 | ~521% |
| $500 (Max) | $100 | $375 | $600 | ~521% |
💡 How to Get Better Rates in Missouri
Shop around: Missouri lenders' fees range from 15% to 75%. A $500 loan at 15% = $75 fee vs. 75% = $375 fee. That's a $300 difference for the same loan!
Ask for total cost: Always request total repayment amount before signing. Missouri law requires disclosure, but reviewing costs before borrowing prevents surprises.
Better alternatives: Missouri credit unions offer PALs at 28% APR max. Commerce Bank Credit Union and Mid-Missouri Credit Union offer payday alternatives. A $500 PAL costs ~$12 vs. $75-375 payday fee.
Need up to $500 in Missouri?
Compare DFR-licensed lenders. Shop fees (15-75% range).
Payday Loan Examples by Missouri City
🏙️ Kansas City (Population: 508,090)
Loan Amount: $500 (maximum)
Fee (20% typical): $100
Total Repayment: $600
Term: 14 days
APR: ~521%
Kansas City Context: Median household income $60,240 (2024). Kansas City has 60+ licensed payday locations. The city's economy (healthcare, logistics, tech) provides diverse employment. Kansas City borders Kansas (different payday laws).
Affordability: $600 repayment = 11.9% of monthly median income ($5,020).
🏘️ St. Louis (Population: 286,578)
Loan Amount: $400
Fee (20%): $80
Total Repayment: $480
Term: 14 days
APR: ~521%
St. Louis Context: Median household income $47,490 (2024). St. Louis has 80+ payday locations (high density due to lower income levels). The city faces economic challenges but has strong credit union presence offering alternatives.
Affordability: $480 repayment = 12.1% of monthly median income ($3,958).
Frequently Asked Questions - Missouri Payday Loans
What is the maximum payday loan amount in Missouri?
Missouri law caps payday loans at $500 per loan. This limit has been in place since 2012 under RSMo Section 408.500 (Missouri Small Loan Law). While $500 is the same as Tennessee and lower than Indiana ($605), Missouri enforces strict database tracking to prevent borrowers from exceeding the $500 cap. The limit applies to all payday loans regulated by the Missouri Division of Finance (DFR).
How much does a payday loan cost in Missouri?
Missouri payday loans can charge up to 75% of the loan amount in total fees. For a $500 loan for 14 days, you would pay up to $375 in fees, making the total repayment $875. This translates to an APR of approximately 1,950% for a two-week loan - one of the highest in the nation. Missouri has no interest rate cap, only a 75% fee limit. Actual fees vary by lender (many charge 15-20% instead of the 75% maximum).
Does Missouri regulate payday lenders?
Yes, Missouri payday lenders are regulated by the Missouri Division of Finance (DFR). All payday lenders must be licensed under RSMo Section 408.500. DFR conducts examinations, investigates complaints, and can revoke licenses. Missouri uses the Veritec Solutions database to track all payday loans in real-time and enforce the one-loan limit. However, Missouri has weaker protections than many states - the 75% fee cap is among the highest in the U.S.
How many payday loans can I have in Missouri?
Missouri law limits borrowers to one payday loan at a time. You cannot have two simultaneous payday loans from different lenders - the Veritec database prevents approval of a second loan until your first loan is fully repaid. Unlike Tennessee ($1,875 annual limit) or Ohio (4-loan annual cap), Missouri has no annual dollar or loan count limit beyond the one-at-a-time rule.
What is the minimum loan term in Missouri?
Missouri allows payday loan terms between 14-31 days. Most lenders offer 14-day loans. Unlike Michigan (fixed 31 days) or Indiana (14-120 days), Missouri limits the maximum term to 31 days. Loans longer than 31 days are classified as installment loans under different Missouri regulations. The 14-day minimum prevents extremely short-term loans but still allows very high APRs.
Can payday loans be rolled over in Missouri?
Missouri law prohibits direct rollovers and renewals. Once you take out a payday loan, you must fully repay it on the due date. However, the law is less strict than other states - there is no mandated Extended Payment Plan (unlike Tennessee) and no cooling-off period between loans. You can theoretically take out a new loan immediately after repaying the previous one, which can create debt cycles.
Do Missouri payday lenders check credit?
Most Missouri payday lenders do not check traditional credit bureaus (Equifax, Experian, TransUnion). However, all lenders must check the Missouri Veritec Solutions database before approving a loan to verify you do not have an outstanding payday loan. Some lenders use alternative credit checks (Clarity Services, Teletrack). Your payday loan activity is reported to the state database but typically not to major credit bureaus unless the loan goes to collections.
Are payday loans available in Kansas City, St. Louis, and Springfield?
Yes, payday loans are available throughout Missouri, including Kansas City (population 508,090), St. Louis (286,578), and Springfield (169,176). Most lenders operate online serving all Missouri ZIP codes. Storefront locations are widespread - Kansas City has 60+ licensed locations, St. Louis has 80+, and Springfield has 30+. Missouri has one of the highest payday lender densities in the U.S. due to weak fee caps.
How do I verify a Missouri payday lender is licensed?
Check the Missouri Division of Finance website at finance.mo.gov for the official list of licensed small loan lenders. Search by company name or license number. All legitimate Missouri payday lenders must display their DFR license number on their website and in physical locations. Unlicensed lenders are not bound by the $500 limit or 75% fee cap (they may charge even more). Report unlicensed lenders to Missouri DFR at 573-751-3242.
What happens if I cannot repay my Missouri payday loan?
If you cannot repay your Missouri payday loan on the due date, the lender can deposit your postdated check or initiate ACH withdrawal. If payment bounces, the lender can charge NSF fees and report the loan to collections. Unlike Tennessee (free EPP) or Indiana (one rollover), Missouri does not mandate extended payment plans. Contact your lender to negotiate - some offer voluntary payment plans. File complaints with Missouri DFR Consumer Services at 573-751-3242.
Alternatives to Payday Loans in Missouri
💰 Credit Union PALs
- • Max APR: 28% vs. 521-1,950% payday
- • Amounts: $200-$1,000
- • Terms: 1-6 months
- • Example: $500 = $12/month vs. $75-375 payday
- • Providers: Commerce Bank CU, Mid-Missouri CU
📱 Cash Advance Apps
- • Earnin, Dave, Brigit, Chime, MoneyLion
- • $20-$250 instant access
- • $0-10/month subscription
- • No 75% fees
- • All Missouri residents eligible
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Regulatory Oversight: All Missouri payday lenders must be licensed by the Division of Finance under RSMo Section 408.500. Check finance.mo.gov for licensed lenders.
Consumer Protections: $500 maximum, 75% fee cap (one of highest in U.S.), 14-31 day terms, one-loan-at-a-time enforced via Veritec database, no rollovers (but no cooling-off period or mandated payment plans).
File Complaints: Missouri DFR Consumer Services at 573-751-3242 or finance.mo.gov for unlicensed lenders, excessive fees (over 75%), harassment.
Responsible Borrowing: Missouri payday loans are extremely expensive (521-1,950% APR). Shop lenders carefully - fees range 15-75%. Consider credit union PALs (28% max) first. Free counseling: nfcc.org
About the Author
Rostislav Sikora is a loan industry expert specializing in U.S. consumer credit regulations and payday lending compliance. With expertise in state-by-state lending laws, Rostislav helps consumers understand loan costs, compare options, and navigate financial decisions responsibly.
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