A consumer installment loan is for people who need to borrow money but need more than the usual 14 - 31 day repayment period that payday lenders require. The loans may be in any amount, and can be secured or unsecured. But they must be paid in no less than four equal installments over a time period of no less than 120 days.
Missouri Consumer Installment Lenders must be licensed and examined by the Consumer Credit section of the Missouri Division of Finance. Licensing terms are the same as lenders who make consumer credit loans.
The Missouri Consumer Credit Laws require that Missouri Consumer Installment Lenders must have an audit performed once a year by a certified public accountant firm. In lieu of this audit, the licensee may post a surety bond for $100,000.
The $100,000 surety bond guarantees that the Consumer Installment Lender will honestly and faithfully apply all funds received. They will also perform all obligations and undertakings under the statute, including paying the State and any person all money that becomes due. The surety bond automatically renews annually if it's not cancelled with a 60-day written notice.
Licensing application and other documents can be found on the Missouri Division of Finance website.
General Inquiries about licensing can be made to:
Missouri Division of Finance
Truman State Office Building
Jefferson City, MO 65102
Missouri Consumer Installment Lenders must pay a licensing fee of $500.
The premium you pay for a Missouri Consumer Installment Lender License surety bond depends on your credit. Our rates start at 1.5% of the bond amount with good credit. Contact our Surety Bond Specialists for a free quote that fits your specific situation.
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
For a downloadable application