Missouri Terms & Rates

Missourians are hardworking people. But sometimes, even with a full-time job, you may find yourself in need of money in a pinch. An unexpected expense (or series of expenses) may put you in a precarious financial situation. Sometimes you just need a little bit of cash to get you back on your feet. People choose to bridge their financial gap with Leap Credit due to:

  • Medical emergencies
  • Home repairs
  • Car repair
  • Unexpected life events

Borrowing money shouldn’t involve unnecessary hurdles. At Leap Credit, we pride ourselves on our process: straightforward, simple, and fast.

We provide Missouri online installment loans. There’s no compounding interest. You tell us exactly what you need to borrow. We’ll make sure you understand the terms of the loan upfront.

Your Missouri installment loan payments will be due at regular intervals–usually for the same amount per month. If, at any point, the repayment plan causes financial strain, contact us immediately. We can help.

We base our business model on the knowledge that you want to repay the loan. We’re in this together—partners in your financial security.

At Leap Credit, we understand that when the unexpected occurs, getting money and getting it fast, is important. That’s why we make the loan process as simple as possible! You can apply for a Missouri installment loan directly online or call (888) 532-7842 to speak with a representative. We will guide you through our quick application process, and let you know if you’re approved.

If you’re approved, we will transfer the funds directly into your bank account within two business days. Because everyone’s needs are different, and each situation requires individual attention, your payment terms and conditions will vary. Our dedicated lenders are here to ensure that your Missouri installment loan terms fit your situation.

We allow you to create a payment plan that fits with your income schedule and financial needs. Leap Credit encourages you to pay your loan off early to avoid interest accrual.


Why is it important to find a licensed lender in Missouri?

Finding a licensed lender in Missouri is a fairly simple process. Depending on what you need the installment loan for, we understand that time is of the essence. The process might take a little bit longer to go through with a licensed direct loan lender as compared to an unlicensed lender, but in the long run you can save yourself from many headaches and frustrations.

A licensed direct loan lender in Missouri will also be helpful in making sure that you borrow within the laws of the state of Missouri. While an unlicensed lender can work outside of the state laws, you’ll never know what is being done legally or illegally. A licensed lender will have expert knowledge and can make sure that the loan follows state law, but still meets your needs.

Because each state has its own laws and regulations, it is always recommended that you work with a licensed lender in your specific state. Here is the link to find a list of all non-depository consumer lending companies in Missouri – including Leap Credit.

We are a licensed direct lender in Missouri and what that means for you – the borrower

Choosing the right lender in the state of Missouri is important to ensure that all loan terms are compliant with the law. Let Leap Credit handle your loan while you worry about YOU!

As of August 8, 2017, Leap Credit is one of approximately 2,900 direct lenders conducting business and offering short-term installment loans in Missouri[1]. Title 408 of the Missouri Consumer Credit Code includes the following protections for installment loan borrowers in Missouri:

  • 083 – Credit contracts, prepayment before maturity, computation of interest. – Notwithstanding any other provision of law to the contrary, all credit contracts with interest or time price differential calculated on an add-on basis entered into after August 28, 2002, the proceeds of which are used for personal, family or household purposes, shall provide that the amount of interest or time price differential earned upon prepayment in full will be computed on the basis of the rate or rate formula originally contracted for on the actual unpaid principal balances for the time actually outstanding. (L. 1988 S.B. 426 § 1, A.L. 2002 S.B. 895). [2].
  • 096. Loan arrangement, excess fee prohibited for certain transactions – penalty. – No person, firm or corporation shall receive or impose any fee or charge, other than one expressly provided for by statute, for arranging credit in the amount of one thousand dollars or less the proceeds of which are intended to be used by the borrower primarily for personal, family or household purposes. Any contract evidencing such excess fee or charge and any note evidencing credit so arranged is void. Any person, firm or corporation who receives or imposes a fee or charge prohibited by this section is guilty of a class B misdemeanor[2].
  • 130. Borrower to receive statement of contract – contents – prepayment effect – receipts for payments. – 1. At the time the loan is made, there shall be delivered to the borrower, or, if there are two or more borrowers, to one of them, a written statement or copy of the loan contract showing in clear and distinct terms: (1) The name and address of the lender and of one of the borrowers; (2) The date of the loan contract; (3) The schedule of installments or description thereof; (4) The type of any instrument securing the loan; (5) The principal amount of the loan excluding interest; (6) The rate or amount of interest as the contract may provide; (7) That the borrower may prepay the loan, in whole or in part, at any time, and in case interest has been added to the principal of the loan; (8) That the interest is subject to the. refund requirements of section 408.170 if the loan is prepaid in full. 2. A receipt shall be given for the amount of each payment made in currency. Any note paid in full, or a copy thereof, shall be so marked “paid” and returned, and any security interest which no longer secures a loan shall be restored, cancelled or released. (L. 1951 p. 875 § 408.032(b), A.L. 1965 p. 114, A.L. 1994 H.B. 963) [2].

[1] https://finance.mo.gov/consumercredit/

[2] https://finance.mo.gov/Contribute%20Documents/ConsumerCreditLawBook.pdf

What about an unlicensed lender?

While you might be tempted to find an unlicensed lender, we encourage you to take the time to research your options. You’ll quickly realize the risk involved in working with an unlicensed lender. It is important to study and read the fine print on these loans. More often than not, an unlicensed lender will tack on a higher interest rate or add on hidden fees down the line.

Because there are many licensed as well as unlicensed direct loan lenders throughout Missouri, it could be confusing and frustrating to try and distinguish between the many options available. The biggest thing to keep in mind is that a licensed lender works within the parameters determined by state law on each loan. At first thought, this makes the unlicensed lender look more appealing, since they can tailor a loan more to your needs. However, this comes with greater risk. If you choose to work with an unlicensed direct loan lender, there may be some fees and charges that you might not otherwise have with a licensed lender.

Taking the time to find a reliable lender that understands your needs and situation will is important. You have enough to deal with as it is.  Life is full of uncertainties, whether it be a growing family, home remodel or emergency repairs (to name a few). Don’t let your financial burden become a life burden as well. At Leap Credit, we will work hard to make sure your loan is taken care of efficiently, so you can continue to move forward. Don’t get bogged down with hidden fees and surcharges. Our licensed lenders will keep you informed and in control of your finances. We are here for you!


Tips for short-term installment loan borrowers in Missouri

  • Pay down principal. When discussing your repayment terms with us, ask how you can make payments on your principal loan amount in addition to paying interest. The easiest way to pay off your loan quicker is to add a small amount to your minimum payment. Simply adding to your minimum payment (within your means, of course) will help you to pay off your loan quicker and get you back on track before you know it.
  • Portion your paycheck. Depending on your income, you can set up your installment loan payments accordingly. Work out your payments so that you only need to spend a small amount of your paycheck on your loan payments. Account for any other financial obligations you have, and budget it out. Allow yourself flexibility to afford day-to-day activities and needs.
  • Length of the loan matters. Depending on the need and the loan terms, always take into consideration the length of the loan. If the need arises, consider taking longer to pay back the loan. As you go through our application process, know what you can afford and how quickly you’ll be able to make payments.

Every loan is different, just like every need is different. Finding the right installment loan to fit your needs and budget is important. Installment loans are designed to be flexible enough for you to pay the loan back quickly and without any hassle. To make it convenient, you even have options to set up terms like autopay, or if you have the means, you can even pay the loan off early without having to worry about pre-payment penalty charges. Let Leap Credit make your life easier. Life is full of surprises; don’t let this one take control of your life.

Leap Credit offers Short-Term Installment Loans in the following Missouri Cities and Townships (not an all-inclusive list – we offer loans to all residents of Missouri):

St. Louis | Florissant | Washington

Leap Credit offers Short-Term Installment Loans in the following Missouri counties:

Adair County | Andrew County | Atchison County | Audrain County | Barry County | Barton County | Bates County | Benton County | Bollinger County | Boone County | Buchanan County | Butler County | Caldwell County | Callaway County | Camden County | Cape Girardeau County | Carroll County | Carter County | Cass County | Cedar County | Chariton County | Christian County | Clark County | Clay County | Clinton County | Cole County | Cooper County | Crawford County | Dade County | Dallas County | Daviess County | DeKalb County | Dent County | Douglas County | Dunklin County | Franklin County | Gasconade County | Gentry County | Greene County | Grundy County | Harrison County | Henry County | Hickory County | Holt County | Howard County | Howell County | Iron County | Jackson County | Jasper County | Jefferson County | Johnson County | Knox County | Laclede County | Lafayette County | Lawrence County | Lewis County | Lincoln County | Linn County | Livingston County | Macon County | Madison County | Maries County | Marion County | McDonald County | Mercer County | Miller County | Mississippi County | Moniteau County | Monroe County | Montgomery County | Morgan County | New Madrid County | Newton County | Nodaway County | Oregon County | Osage County | Ozark County | Pemiscot County | Perry County | Pettis County | Phelps County | Pike County | Platte County | Polk County | Pulaski County | Putnam County | Ralls County | Randolph County | Ray County | Reynolds County | Ripley County | Saint Charles County | Saint Clair County | Saint Francois County | Saint Louis City | Saint Louis County | Saline County | Schuyler County | Scotland County | Scott County | Shannon County | Shelby County | Ste. Genevieve County | Stoddard County | Stone County | Sullivan County | Taney County | Texas County | Vernon County | Warren County | Washington County | Wayne County | Webster County | Worth County | Wright County

Customer Notice: Short-term installment loans should be used for short-term financial needs only, not as a long-term financial solution. Customers with credit difficulties should seek credit counseling.

National Foundation for Credit Counseling: www.nfcc.org

Money Management International: www.moneymanagement.org

Credit Counseling Services: www.consolidatedcredit.org

Below is the contact information for Missouri’s Department of Financial Institutions:

Missouri Division of Finance

Truman State Office Building, Room 630

Jefferson City, MO

65102 (573) 751-3242 (573) 751-9192 (fax)

E-mail: [email protected]

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