Cash advance St Louis providers range from the Check 'n Go franchise with three stores, to Advance America with 16 locations within 20 miles of the city.
the short-term cash advance loans for small dollar amounts are tightly
regulated, and you should get to know these laws and regulations, to
fully appreciate your rights as a consumer of financial products.
One of the best resources for reading about the payday loan laws in Missouri is the Missouri Division of Finance, which also regularly publishes research on the cash advance industry in the state.
Division of Finance licenses the companies that wish to participate in lending payday loans in the state, and oversees that the current regulations are complied to by the licensed lenders.
The regulations, for example, set the term limits for a payday loan, set maximum interest rates and fees, and limits the number of renewals for these loan instruments.
Another thing to research before considering a payday advance in Missouri are the alternatives, including obtaining a small consumer loan from a local bank or a credit union, getting a salary advance from an employer, and taking a cash advance from a credit card.
Payday loans are NOT intended as long-term financial solutions, partly because of the typically high annual percentage rates (APRs) of interest associated with the loans.
According to research by the Missouri Division of Finance, there are
around 1,040 payday lending locations operating statewide in the state,
making over 2.43 million cash advance loans annually.
Because of the popularity of these short-term consumer loan products, many nationally recognized payday lending franchises have opened stores here.
One of these franchises is Check 'n Go, which operates a total of three outlets in St Louis, according to their store finder tool (available from the company's official website).
Check 'n Go has been in business since first opening its doors to customers back in 1994, and today, majority of their business is generated by payday loans, installment loans, and check cashing.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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