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Missouri Court Clarifies Issues of Prejudgment Interest Pre-2021

The State of Missouri allows for prejudgment interest in breach of contract cases, as well as other types of claims. In breach of contract cases, prejudgment interest typically begins to accrue on the date of the breach or the date payment was due. The interest rate is set at nine percent unless the parties contractually agreed to a different rate. Under Missouri law, most contracts are subject to a maximum annual interest rate of ten percent, or the market rate. However, the legislature has carved out an exception to the interest rate cap for small-installment consumer loans. These loans are designed to provide borrowers with relatively small loan amounts and longer repayment options, but often have high interest rates.

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