Payday advance loan Missouri products are available from around 1,275 locations, with over 2.8 m of these loans being taken annually in the state.
Nationally, it has been estimated that there are over 22,000 payday loan outlets
available, and because of the popularity of this financial product in
many states, the industry has become a very regulated one.
This is also true in Missouri. The way payday loan laws in Missouri are implemented is monitored by the Missouri Division of Finance, and their reporting includes statistics on the industry.
Part of the reason why payday lending has become so available in Missouri is the simple rules for getting a license in the state, a procedure that includes an application and a license fee.
According to some reports, only Tennessee has more cash advance outlets available, compared to Missouri. The next popular state is Kentucky, where the no. of cash advance outlets has been about half of Tennessee's.
In Missouri, the payday loan market includes a few larger franchises, where only about 24 companies operate with over 10 location licenses, or for a total of 719 outlets (56% of the total market in terms of stores).
The largest operators in Missouri for payday advances in recent years have been QC Holdings, which operates under the brand "Quik Cash", Advance America, a publicly traded company, and Bn’T Loan, headquartered in Springfield, Missouri.
Historically, these three companies have accounted for about 23% of the total locations, and especially for QC Holdings, the Missouri payday loan market has been a central one.
Typical uses for their loans in Missouri have been emergencies, including paying for medical emergencies, as well as other unexpected short-term expenses in personal finances.
Some of the payday loan customers use this type of debt in order to avoid paying overdraft fees, late payment penalties, or charges related to disconnected utilities or other services.
Of the companies operating in Missouri, Advance America has a wide range of financial services available from their outlets, including cash advances, MoneyGram services, VISA prepaid cards, check-to-card service, installment loans, and tax services.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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