No State Rate Cap
Missouri doesn't cap the annual percentage rate a licensed payday lender can charge, which means rates can run considerably higher than in states with fixed caps. The initial loan amount is generally capped at $500, with a term of 14 to 31 days.
Renewals Are Limited — and Require Real Paydown
Missouri limits how many times a single loan can be renewed and requires that each renewal include a reduction of the outstanding principal, rather than allowing the balance to simply roll forward unchanged. This is meant to push the loan toward being paid off rather than extended indefinitely.
Why Comparing Lenders Matters More Here
Because Missouri doesn't set a rate ceiling, the difference in cost between lenders can be substantial for the same loan amount and term. This is one of the states where shopping more than one offer has the biggest direct effect on what you actually pay.
| Factor | Missouri Rule |
|---|---|
| State APR cap | None |
| Typical maximum loan | $500 |
| Loan term | 14–31 days |
| Renewals | Limited in number, each requiring principal paydown |
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