What a payday loan costs — before Missouri’s rules
A payday loan typically costs $15–$20 per $100 borrowed for a two-week term — roughly 400% APR — and is due as a single lump sum on your next payday. That single-payment structure, not the fee on any one loan, is the trap: most fees come from borrowers who cannot clear the balance in one go and roll it over. Where a state caps rates below payday levels, licensed payday lending disappears and a loan above the cap is generally void — not legally collectible, whatever the contract says.
The law in Missouri
- Rate cap
- No effective rate cap. Fees and interest are limited to 75% of principal (including renewals) — up to ~1,950% APR on a two-week loan.
- Key law
- Mo. Rev. Stat. §§ 408.500–408.505 (the usury cap was eliminated in 1998); regulated by the Missouri Division of Finance.
- Enforcement
- No major state action against tribal lenders verified.
Missouri eliminated its usury cap in 1998; its 75%-of-principal fee limit permits roughly 1,950% APR on a two-week loan — the highest allowed in the US.
What it means for a Missouri borrower
Missouri permits some of the highest-cost loans in the country, and tribal lenders operate claiming exemption from even these rules — so loans are generally enforceable. There is no usury ceiling to render a rate void.
Before you borrow in Missouri
- File a complaint with the Missouri Division of Finance.
- Verify licensing — but note the state has no meaningful APR cap to challenge the rate.
Cheaper first — try these before a payday loan in Missouri
Payday Loans and tribal lenders in Missouri
Many online lenders that market payday loans to Missouri residents are tribal lenders arguing their sovereignty places them outside state rate caps — a separate legal question this site tracks in depth. For which tribal brands lend to Missouri residents and how state law applies to them, see the Missouri tribal-lending page.
Tribal loans in Missouri →Frequently asked questions
Are payday loans legal in Missouri?
In Missouri, payday-style loans are legal and enforceable, commonly at around 400% APR. The speed is real; so is the cost and the rollover trap. Compare the total dollars repaid before you borrow, and try a credit-union alternative first.
What is the maximum payday loan rate in Missouri?
No effective rate cap. Fees and interest are limited to 75% of principal (including renewals) — up to ~1,950% APR on a two-week loan.
What can I do about a payday loan I already have in Missouri?
Missouri allows this lending, so the loan is generally enforceable — but you can still revoke ACH authorization in writing, avoid taking a second loan to cover the first, and file a complaint with the Missouri attorney general or the CFPB if the lender breaks the rules.