CashAdvance.com Educates Missouri Consumers about the Rules & Regulations of Payday Loans
Kansas City, MO -- (ReleaseWire) -- 02/07/2011 -- Consumers in need of a cash advance in Missouri should be conscious of the various laws, rules and regulations governing the cash advance industry. While some states have outlawed cash advances altogether, Missouri has allowed the industry to grow in their state with somewhat lenient laws.
For those struggling financially, cash advances can be a great short-term option. CashAdvance.com continues to educate consumers about the various laws regarding the payday loan industry to ensure responsibility and safe financial obligations. CashAdvance.com is one of the few companies in the industry dedicated to informing consumers.
Some of the laws that govern payday loan advances in Missouri are:
- Loan terms are anywhere from 2 weeks to 31 days in length
- Maximum loan amount is set at $500
- Missouri has one of the highest interest rates set at 1980%
- Lenders can charge up to 75% of interest on a loan
- Loan renewals are available for a maximum of 31 days.
Information will soon be available for major metropolitan areas in Jefferson City and Kansas City.
Missouri has one of the highest interest rates in the country. Due to the states lenient payday loan laws, borrowers should be cautioned when taking on a strict financial obligation. If you are having financial problems and are in need of money, payday loans should be taken as a last resort. It is also essential repay cash advances on time to avoid any additional fees. Cash advances should only be used for short-term financial help and not for long-term solutions. If abused, consumers may face potentially worse debt and credit issues.
Since 1997, CashAdvance.com has been the most established and trusted name in the cash advance industry. Educating consumers on the laws and practices in their state and community, CashAdvance.com has once again proven it is America’s Cash Advance Network.