×
Like many Midwestern states, Missouri has a low cost of living, with an overall index of 88.3 in 2023. The state has also seen notable job growth, boasting 167,000 reported openings at the end of summer 2023. This is good news for anyone in the Show Me State.
But while the economic growth and overall affordability make Missouri an appealing place to live, many residents still struggle with everyday expenses.
Fortunately, there are emergency loans in Missouri for those who need them. These quick loans can help individuals and families alike pay for unexpected expenses like medical bills, car repairs, gas, and small home repairs.
If you’re ready to apply for a loan now, Jora Credit is a direct lender that can help.
Why Get an Emergency Loan in Missouri?
Emergency loans are a type of fast loan designed to cover sudden or immediate expenses. They serve as a bridge between the money you currently have and your next paycheck.
You can use emergency loans for various reasons, such as medical bills, utility bills, rent, small home or car repairs, groceries, or other unexpected bills. Once you have the money in your account, you can use it to avoid potential problems like missed payments or late fees.
Most emergency loans in Missouri come with a streamlined application process, fast credit decision and funding times. You can find these loans through several types of lenders, including:
- Traditional lenders: Banks, credit unions, and other traditional lenders offer loans for emergencies online and in person. Loan requirements tend to be higher than what alternative lenders like Jora Credit offer. In some cases, such as with credit unions, you must be a current member to qualify for a loan. The application process may also take longer, leading to slower approval and funding times.
- Alternative lenders: As the name suggests, these lenders offer alternative loan options to eligible borrowers. Many direct lenders online — including Jora — offer quick loans to Missouri residents who need emergency financial assistance. Fees and eligibility requirements vary by lender.
- Online loan marketplaces: With a marketplace, you can connect with multiple lenders at once and see their loan offers in one convenient place. Fees, eligibility requirements, terms, and loan amounts vary by lender. Certain lenders may also be less reputable than others.
After you get an emergency loan in Missouri, you’ll need to pay back what you borrowed plus any interest or related fees. Certain types of loans, like payday loans, have a short repayment term and must be repaid within 14-31 days of taking it. Others, like an installment loan from Jora Credit, have longer repayment terms, giving you more time to repay what you owe.
Loan amounts also vary based on the lender and loan type. For example, payday loans in Missouri have a loan limit of $500. If you need a larger loan, you could qualify for up to $4,000 through Jora.
When it comes to emergency loans, there are many different options available. Each loan type has its own requirements, limits, repayment options, and fees. However, all emergency loans have the same purpose — to keep you afloat in a financial emergency.
Here are some of the most common emergency loan options available in Missouri:
- Personal Installment Loans: A personal loan, or personal installment loan, is a long-term loan from brick-and-mortar and online lenders. You can use the money for nearly any reason, but you must repay what you borrowed in regular installments. If you have bad credit, qualifying for a personal loan might be difficult. Or you might receive a higher interest rate.
- Debt Consolidation Loans: With this type of loan, you can combine multiple unsecured debts into one loan with a single monthly payment. This can make it easier to pay back what you owe. You’ll typically need good credit to qualify.
- Payday Loans: Sometimes called cash advances, payday loans are a short-term financing solution with a 14 to 31 day repayment period. On the due date, you must make a lump-sum payment covering the borrowed amount plus any fees. The maximum payday loan amount in Missouri is $500. You can apply through payday direct lenders online or in person.
- Title Loans: A title loan is another short-term loan designed to quickly give you emergency money. The maximum loan amount depends on the value of your vehicle. Unlike secured loans, these loans require you to put up your vehicle title as collateral. If you do not pay back what you owe, you could lose your vehicle.
- Other Bad-Credit Loans: Other types of bad-credit loans, like pawn shop loans or no credit check loans, are geared toward those with limited or bad credit. These types of loans are short-term or one-time financial solutions.
Why Jora Credit?
If you’re thinking about getting a loan for an emergency in Missouri, make sure you qualify first. Requirements vary by lender and loan type, but here are the most common ones:
- Credit Score: Lenders like Jora will check your credit when you apply. However, you could still qualify for a loan with bad credit.
- Sufficient Income: You may need to provide proof of income or employment. This could include recent bank statements, W-2s, or tax returns. Some lenders will accept alternative income sources, like self-employment income, alimony, or Social Security.
- Residency and Identity Verification: You’ll typically need to be 18 to get a loan. You might also need to have a current Missouri address. Make sure you have your government-issued photo ID and Social Security Number before applying.
- Bank Account Information: Many lenders require you to have an active bank account in your name so they can deposit funds after you accept a loan. Sometimes lenders, will also use this information to debit funds from your account when the loan payment comes due..
- Collateral: Secured personal loans require collateral — like a paid-off vehicle or house — in exchange for a cash loan.
If you need money now in Missouri, here’s how to apply for a loan online with Jora:
- Figure out how much you need. Determine how much you need to borrow and the loan purpose.
- Consider the cost. You can use an online loan calculator to see how much the loan will cost each payment period and in total.
- Fill out the application. Completing Jora’s online application takes only a few minutes. All you’ll need is your basic financial and contact information.
- Wait and receive funds. Get a quick credit decision typically within minutes of submitting your application. With Jora Credit, loans accepted prior to 10:30 a.m. Central time (Monday - Friday, excluding bank holidays) can be funded that same day.*
- Use the loan and make payments. You can use the money as you see fit. Review your loan agreement to determine when the first payment is due and start making payments. You can even pay back the loan early to save money on interest without a penalty.