Preferred Loans offers online installment loans to people living in Missouri.
We are a state-licensed direct lender in Missouri, so when you choose Preferred Loans for your installment loan, you’ll be doing business directly with us and your loan will be funded by us.
A Preferred Installment Loan is a loan that is repaid over time with a set number of scheduled payments. Unlike a typical payday loan where you must pay the balance in full on your next pay period, a Preferred Installment Loan gives you up to six months to repay your loan. Decide how much you can pay back on your pay cycle, before deciding on your loan amount.
Applying for a Preferred Installment Loan in Missouri is fast, secure and convenient. If you’re approved, funds are directly deposited into your bank account the next business day.
Loan Amount: $300 to $1500
Loan Type: Installment Loan
Loan Term: Approximately 6 months
Funding: 1 business day (excluding holidays)
Pre-Payment Available: Yes
We understand that financial situations change, so you always have options each time your payment is due. You can: make the regular scheduled payment, pay more towards your principle balance, pay off your loan in full, or refinance your loan (restrictions apply). Borrowers not paying the full scheduled payment may result in the borrower paying a higher amount of interest and could result in extending the loan term.
*Loan terms vary based on income dates
**Annual Percentage Rate: The APR is the cost of your loan expressed as a yearly rate. The APR may vary depending on the actual loan term. The APR will increase if the actual loan term is shorter than this example and will decrease if your loan term is longer.
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Product types and maximum loan amounts vary by market. Subject to state regulations, eligibility, credit check, underwriting and approval. Rates, terms and conditions apply. Lending decisions and funding times subject to system limitations. Some applications may require additional verification, which can delay the lending decision.
Not all applications are approved; duration of approval process may vary.
If your loan is approved before 9:00 PM ET from Monday through Thursday, or before 6:30 PM ET Sunday, the funds will typically be deposited into your bank account the next business day, otherwise, your funds will be deposited into your bank account in two (2) business days. The date and time funds are made available to you are subject to your bank’s policies.
Installment loans should be used for short-term financial needs and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling.
This service is not intended to provide a solution for all credit needs. Alternative forms of credit, such as a credit card cash advance, personal loan, home equity line of credit, existing savings, or borrowing from a friend or relative, may be less expensive and more suitable for your financial needs.
Late fees and insufficient funds/returned item fees may apply as described in your loan documents. We will never charge any fees that are not fully disclosed in your loan documents.
If you don’t make a payment on time, we will attempt to contact you via one or more authorized methods. Our collections methods will be in accordance with the guidelines of the federal Fair Debt Collection Practices Act (FDCPA). Because we may report your payment history to one of more credit bureaus, late or non-payment of your loan may negatively impact your credit rating. If you fail to repay your loan in accordance with its terms, we may place your loan with a third-party collection agency.
Consumer Notice: An advance of money obtained through a payday loan or auto title loan is not intended to meet long-term financial needs. A payday loan or auto title loan should only be used to meet immediate short-term cash needs. Refinancing the loan rather than paying the debt in full when due will require the payment of additional charges.