Get Started

Rates and rules

Missouri Loan Rates and Rules

Who regulates consumer lending in Missouri, how rates are set, and how to check a lender and its rate before you borrow. For new requests SET Financial is not the lender: it connects Missouri residents with third-party lenders who set all rates and terms.

Get Started

This page is general information, not a rate quote. Not everyone who applies will be matched or approved.

Who regulates consumer lending in Missouri

Consumer installment lenders in Missouri are licensed and examined by the Missouri Division of Finance under RSMo 408.510 and related rules. Missouri does not impose a single fixed APR cap on licensed consumer installment loans ยท under RSMo 408.100, lenders and borrowers may agree in writing to a rate of interest, and permitted interest and fees are governed by statute. Actual rates, fees, and terms are set entirely by the third-party lender based on your application, so the cost of any specific loan is defined in the offer you receive, not by SET Financial.

Regulator: Missouri Division of Finance.

How to check a lender before you borrow

You can confirm that a lender is licensed by checking with the Missouri Division of Finance, and you should always review your loan agreement to see the exact APR, finance charges, fees, and repayment schedule before you sign. Federal Truth in Lending disclosures require the APR and total cost to appear in that agreement.

Many consumer lenders are also listed on NMLS Consumer Access, a national database you can search for free to confirm a company's license status and history.

Search NMLS Consumer Access

The four numbers to compare on any offer

A regulator's rules tell you about the lender. These tell you about the loan. Whoever you borrow from, and whether or not you use this site, compare offers on the same four things:

  • APR. The annualized cost including most fees. It is the only number that lets you compare two different loans honestly.
  • Total repayment amount. Principal plus every finance charge over the full term. A lower monthly payment stretched longer often costs more overall.
  • Term and payment schedule. How many payments, how often, and the exact due dates measured against when you actually get paid.
  • Fees and prepayment terms. Origination, late, and returned-payment fees, and whether paying the loan off early saves you interest.

Your loan agreement is the number that governs

Federal Truth in Lending rules require the lender to disclose the APR, finance charge, amount financed, and total of payments on the loan agreement before you sign. Any rate you see in marketing, including on this site, is general information. The figures on your own signed agreement are what actually apply to your loan.

Common questions about Missouri rates

Who regulates consumer installment lenders in Missouri?

The Missouri Division of Finance licenses and examines consumer installment lenders under RSMo 408.510 and related regulations. You can verify a lender's license directly with the Division of Finance.

Does Missouri cap the interest rate on installment loans?

Missouri does not set a single fixed APR cap for licensed consumer installment loans. Under RSMo 408.100, a lender and borrower may agree in writing to a rate of interest, with permitted interest and fees governed by statute. Your specific rate is set by the lender and disclosed in your loan agreement.

How do I know what my loan will actually cost?

Before you sign, review the loan agreement from your matched lender. Federal Truth in Lending rules require it to show the APR, finance charges, fees, and full repayment schedule so you can see the total cost of the loan.

This page is general information about Missouri lending rules, not legal or financial advice, and it is not a rate quote. Rules change; confirm anything that matters to your situation with the Missouri Division of Finance or a qualified advisor. SET Financial is not the lender on new requests and does not set the rates, fees, terms, or approval decisions of the third-party lenders in its network.

Keep reading

Get Started