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Missouri is home to just over six million people, making it the 18th least populated state in the country. Along with this, the state boasts the sixth lowest cost of living.
But even though Missouri is cheaper than most other states, living costs are still a problem for many people. In fact, roughly 13.2% of the state’s residents live in poverty.
As the cost of living continues to rise throughout the country, many Missouri residents have had to get creative with how they can afford everyday goods and services. For some, this means taking out online loans, such as personal, installment, or other quick loans.
If you live in Missouri and need money now, you’re in luck. You can apply for a Jora online loan from the comfort of your home. All you need is a reliable internet connection to complete the online application.
Why Jora Credit?
Yes, it is possible to get an online loan in Missouri. Here are your main options as far as lenders go:
- Traditional lender: Traditional lenders, like banks or credit unions, often allow applicants to apply for loans online. However, they might have stricter loan requirements than online-first alternative lenders, which can lead to lengthy applications and slower funding times.
- Alternative lender: Alternative lenders, like Jora Credit, also offer online loans in Missouri. The application process is often entirely online. Loan requirements tend to be more lenient than traditional lenders. Approval and funding times are also usually faster — great for when you need emergency money.
Keep in mind that every lender has its own interest rates, lender fees, loan amounts, application process, and requirements. That’s why it’s important to compare different lenders and their loans before applying.
Getting a loan online is generally considered a good option, but there are certain precautions you should take before applying, such as:
- Use a reliable internet connection. Online loans are highly accessible, but you still share your personal and financial information online. Make sure you’re using a reliable internet connection and that the lender has digital security protocols in place — like an encrypted application. This can both help protect your data and help against hacking or theft.
- Choose a reputable lender. Many fast loan direct lenders operate online, but not all are legitimate. Check with your state’s bank regulator to see if your lender is licensed to operate in Missouri. Or check the lender’s online reputation on the Better Business Bureau to see what people say about them.
- Be wary of scams. There are many scams in the online lending industry. If a lender requests money before approving a loan or tries to pressure you into applying, you might want to look elsewhere.
- Keep an eye out for hidden fees.. While many online lenders, like Jora, do not charge hidden fees, some do. Read the fine print and look for transparency when choosing a lender.
Carefully vet any lenders before giving them private information or filling out a loan application.
Types of Online Loans
There are many different types of online loans in Missouri, but here are the main ones:
Personal Loans
You can apply for a personal loan online in Missouri. Most personal loans are unsecured, meaning you do not need collateral to get them. Once you have the money, you can use it for nearly anything.
Personal loans in Missouri can come in small or large amounts. Repayment terms typically range from a few months to several years. Some lenders offer personal loans for bad-credit borrowers.
Payday Loans
Sometimes called cash advances, payday loans are short-term loans with repayment terms of 14-31 days. The maximum loan amount in Missouri is $500. You can apply for one through payday direct lenders online.
These easy loans do not have strict eligibility criteria. Most do not even require a credit check. However, they typically come with high fees and interest rates. This, combined with the short repayment term, could make them harder to pay back.
Title Loans
Title loans are another short-term loan with a typical repayment period of 15-30 days. These loans require a vehicle as collateral. The loan amount depends on the vehicle’s worth. Failure to repay the loan could mean losing your vehicle.
You can typically apply for a title loan online. However, you might need to complete the application process in person.
Other Bad-Credit Loans
Bad-credit and no-credit-check loans cater to individuals with limited credit history or low credit scores. These loans can help cover minor emergencies. Common options include payday loans, title loans, pawn shop loans, and certain peer-to-peer loans.
Like other online loans in Missouri, bad-credit loans come with their own fees, repayment terms, and lending criteria. However, they’re usually easier to qualify for than other forms of credit.
Online Installment Loans
Installment loans are a type of personal loan you can get online. Many online installment loan direct lenders operate in Missouri, including Jora.
Jora offers unsecured installment loans ranging from $500 to $4,000 in Missouri. These loans have no hidden fees and longer repayment terms. This means you do not need to repay the entire loan in just a few weeks after getting it.
You do not need good credit to qualify for an online loan with Jora. The application process is also streamlined and only takes a few minutes to complete. Depending on the day and time you apply, you could receive the funds that same day.*
When it comes to online loans, direct installment loan lenders in Missouri each have their own requirements. But here’s what you’ll typically need:
- Personal and contact information: You’ll need your full legal name, email address, and phone number. You may also need your mailing address or proof of residency in Missouri.
- Proof of identity: Installment loan direct lenders online typically require you to be at least 18 years old to get a loan. You might need to provide a copy of your government-issued ID or Social Security number.
- Proof of income and employment: Income requirements vary, but you must provide proof of sufficient income to get a loan. This could be bank statements, W-2s, or recent income tax returns.
- Credit score: Many online lenders, including Jora, check your credit score. However, you could still qualify for a loan with poor credit.
- Bank account: Most online lenders can deposit the funds directly into your bank account.
Ready to apply for an online loan in Missouri? Here’s how to do it with Jora:
- Determine how much you need. Only borrow the amount you need. Calculate the loan amount and monthly payments to ensure you can afford to repay what you borrow.
- Complete the application. Jora’s online application process is quick and easy. You’ll need basic personal, contact, and financial information — like your income.
- Wait. Usually, you’ll hear back about your application the same day you apply. If you apply on a weekend or holiday, you might have to wait until the next business day.
- Receive the funds. If you’re approved and accept the loan before 10:30 a.m. CST, you could get the money the same day you apply.* You can use it for emergencies, car repairs, or other small expenses.
- Start making payments. You’ll need to start paying back the loan plus any fees. Check your loan agreement for the repayment schedule. If you repay the loan early, you will not be charged a prepayment penalty.