How Can I Get Emergency Cash in Kansas City to Help Pay My Bills?

emergency cash

If you live in Kansas City, you can save the day when things get tight with an emergency cash advance.

A payday loan can help you resolve a financial crisis quickly. It can help you pay for late bills or unexpected expenses before you get paid.

Also, a payday loan can prevent you from having to pay fees for late payments. Best of all, you can pay it off with your next paycheck.

With a payday loan, you’re only in debt for a few weeks. It’s an excellent solution for emergency cash.

How Do Payday Loans Work?

A payday lender can approve your loan instantly if you give them the right information. The application process for a payday loan is fast and painless.

It’s not like a traditional loan. With conventional loans, you must go through a lengthy application process. You need to fill out forms and provide a lot of information.

With a payday loan, it could take as little as a few hours to receive your money. However, you can usually get funded on the same day.

Some lenders can even fund you within hours. Many lenders compete based on how fast they can provide you with funds.

You don’t have to go anywhere to apply for a payday loan. You can do it over the internet from the comfort of your home or office. This way, you can avoid scheduling several appointments with the loan officer or calling a lender multiple times when you need emergency money.

With the standard loan, you typically need to meet with the loan officer several times. As this takes place, you’ll lose more time and spend more money on transportation. Usually, you can secure a payday loan in a single transaction.

A payday loan is also better than a line of credit. Some credit cards only allow you to pay for goods or services. With a payday loan, you can access emergency cash immediately.

What Can a Payday Loan Do for Me?

It may seem like a bad deal to repay your loan so fast but think about it. Is it better to fall behind on your credit payments and ruin your credit score?

You could apply for a traditional loan. In addition to the long application process, however, it will also take you one to two years to repay the debt.

During the term of a traditional loan, anything could go wrong. The economy could tank, or your employer could go out of business. Why take the unnecessary risk of taking out a long-term loan?

If something goes wrong with a traditional loan, you’ll also incur additional fees and penalties. A line of credit is convenient, but if you miss a payment, it will ding your credit rating.

Many people have trouble controlling their spending with credit cards. For them, a credit card feels like a free pass for goods and services, rather than a debt that they’ll have to repay later. Because of this, credit card holders often spend more than what they can afford.

A payday loan is just what you need to handle an emergency quickly. You can access the cash you need even if you have poor credit or no collateral.

How Much Can I Borrow and How Do I Pay It Back?

Typically, a payday lender will loan you $100 to $500 in the first round. You can use the money to pay bills, fix your car or for other household emergencies. Sometimes, the payday loan is helpful just to keep up your cash flow so that you can manage essential activities of daily living.

Lenders offer payday loans based on what they expect you will get paid in the future. Accordingly, payday loans are also known as cash advance loans.

You can, however, extend the term of your loan beyond your next paycheck. If a lender agrees to let you pay in installments, your payments typically remain the same until you pay off the balance.

Also, good payday lenders will let you pay the loan off early without penalizing you. Once you have paid off an emergency cash loan in good faith, a lender is typically willing to issue another loan if needed.

An installment loan against your paycheck is an unsecured loan. For this reason, some lenders call them signature loans.

What Do I Need to Get Emergency Cash in Kansas?

To qualify for a payday loan in Kansas, lenders require that you have a current bank account. Also, you need to show proof of employment and how much you get paid.

You must also show the lender that you are over 18 years old. So, you’ll need to provide the lender with identification.

At a minimum, most lenders require that you earn at least $500 a month. Also, you cannot have an outstanding loan with another payday lender if you want to secure funds.

Secure the Emergency Money You Need Today

If you need emergency cash in Kansas, you must find a lender you can trust. Waldo Financial has served the greater Kansas area for more than two decades.

We are grateful for the business of greater Kansas residents and are happy to continue to provide the service.

Walk into one of our locations or contact a friendly representative today. We can provide you with the cash that you need to handle emergencies and get back to life.

Payday Loans in 2020: 5 Things to Consider When Getting a Payday Loan

payday loans

About 40% of Americans don’t have even $400 in savings for an unexpected expense. That’s just a car repair away from being in financial trouble.

Unfortunately, unexpected expenses pop up all the time. If you are part of this statistic, it’s almost assuredly not if but when an unexpected expense throws a wrench in things.

Some expenses can be put off, others can’t. What do you do when you have to come up with the money fast? Payday loans can be a great option. However, sometimes they get a bad rap.

Read on to learn what you should consider when taking out a payday loan. Used properly, this option is a great way to make sure you get what you need.

What Are Payday Loans?

Payday loans are small loans that you can take out quickly. They are typically issued for $1,000 or less and don’t require a credit check. People often use them for unexpected expenses that suddenly pop up when they don’t have the money on hand.

They are very short-term loans. In fact, the name comes from the idea that the borrower will pay it back with their next paycheck or two.

Repayment may work differently than a conventional loan. Instead of making payments, the borrower may have to give the lender access to their bank account or write a post-dated check and leave it with the lender. Regardless of the method of repayment, it’s usually paid off quickly and in only a payment or two.

What should you consider before taking out a payday loan? Let’s take a look.

1. A Godsend in Hard Times

Financial hard times have a way of popping up right when your credit score isn’t exactly where you’d like to be. Trying to take out a conventional loan or apply for a credit card might not be possible in your situation.

It will probably also take too long.

Payday loans are easier to qualify for. They don’t even require a credit check. Typically, the lender will simply look at your income. As long as it’s verifiable, you’ll probably qualify for a loan.

Loans are funded quickly, often on the spot, giving you the ready access to cash that you need for an unexpected expense.

2. Understanding the Costs

Conventional loans typically charge an annual interest rate. Due to the extremely short-term nature of payday loans, they work a little differently. Lenders will often charge a set fee per $100.

You hear a lot about the predatory nature of payday loans. While you certainly can rack up fees and interest, this will happen with any loan that you fail to pay back on time.

As long as you pay back your loan on time, you won’t be subject to any additional charges.

It’s also important that you choose a reputable lender. There are definitely unscrupulous lenders who have no problem taking advantage of loopholes in the regulations surrounding payday loans to make big profits off your financial hard times.

Choosing an established lender in your area that doesn’t charge obscenely high fees will protect you from this problem.

3. Avoiding the Pitfalls

Critics state that people who take out payday loans often get stuck in a cycle of debt that ruins them financially. They take out a loan, find themselves unable to pay it by the deadline, and take out another loan to pay it off or face ever-increasing late fees.

Again, choosing the right lender is important here.

The goal of an honest lender is to help you during a financially hard time. It’s in their best interest in the long-run NOT to break their customers and weigh them down with late fees and penalties.

Avoid the cycle of debt by responsibly paying your loan on time. Additionally, choose a lender that will work with you if you don’t have the funds right when you need them.

Another criticism is directed at newer online lenders. Some of them are turning out to be scams looking for people’s personal information.

As you might guess, choosing a reputable lender is also the best way to avoid this pitfall. At Waldo Financial, we’ve been working to earn your trust since 1999 so we offer the convenience of an online lender with the longevity of a reputable business.

4. Preserve Your Credit

Are you trying to build your credit score? Making on-time payments to your credit cards and other debt is one of the most important factors.

But what happens if you come up short one month?

Payday loans don’t affect your credit when you take them out. This can be a good way to get the money you need to make an on-time payment for another, larger loan. Thus keeping your credit intact and moving you closer to your goal of financial freedom.

5. Convenient to Use

Since loan amounts are so small with payday loans, some people wonder why you wouldn’t simply use a credit card.

First, you may not have one and don’t have the credit score (or time) to get one.

Second, some people feel that having a credit card gives them too much freedom. With such easy access to credit they can easily get themselves in over their heads before they know it.

With payday loans, they have to deliberately think about taking out a new loan. While quick and convenient, it’s still a little more work than just swiping a card.

Looking for a Payday Loan?

Here at Waldo Financial, we’re committed to helping our customers with payday loans when they need it most. We offer terms that are easy to understand and are committed to providing you the best customer service possible.

If you need financial help in Missouri, contact us today to find out what you qualify for!

How Do Payday Loans Work? Everything You Need to Know Before Applying

how do payday loans work

Today’s payday loans have historical roots dating back to the 5th century. Although these historic loans differed from those we use today, they featured the same general idea.

Today, payday loans are more popular than ever. Despite their rising popularity, many people still have questions about these loans.

How do payday loans work? Who is eligible to receive them? Continue reading to learn everything you need to know about payday loans before applying for one.

How Do Payday Loans Work?

A payday loan is a short-term, high-interest loan. As the name suggests, they’re meant to help people who need money before their next payday.

During the application process, you’ll need to supply proof of income and a checking account number. These will both be verified by the potential lender. You will also need your social security number and a state-issued ID.

If applying in person, you should receive a decision on your loan within about fifteen minutes. It doesn’t take much longer for the money to be deposited into your bank account. Some lenders have an option for the loan to be made in cash.

If applying online, you should receive a decision almost immediately. The money typically isn’t deposited into your account until the following morning, however.

To make sure you can pay back the loan, you will need to do one of two things. At a store, you will be required to sign a check for the amount of your loan. Online, you’ll need to permit an automatic withdrawal from your bank.

Your loan is typically due on your payday. Some lenders allow you to wait two weeks to a full month before paying back your loan. Make sure to ask about your repayment options before agreeing to the loan.

What is Required to Get a Payday Loan?

To be approved for a payday loan, you will need to make at least $500 a month in guaranteed income. Income doesn’t have to come from a job. It can also be in the form of disability, social security, or any other income source.

You will also need a state ID and social security number. Payday loans are only available to adults over the age of eighteen. Even if a sixteen or seventeen-year-old has a job, they can’t receive a payday loan.

Why Might You Not Be Approved for a Payday Loan?

Not everyone is approved for a payday loan. A few reasons you might not be approved include:

  • You don’t make enough money
  • You don’t have an active checking account that’s been open at least one month
  • You have recently filed bankruptcy
  • You don’t live in the state where you are applying for a loan
  • You’re active military
  • You have other loans out (including student loans, in some cases)

If any of these situations apply to you, that may be the reason you aren’t approved for a payday loan. It’s important to note federal law doesn’t allow the active military to receive short-term, high-interest loans.

What Fees Should You Expect?

The fees charged on payday loans will vary between lenders. The national average is between $15 and $20 in fees per $100 borrowed for a two-week loan. The prices for a monthly loan are usually a little higher.

If you borrowed $500, for example, you could expect to pay an extra $75 to $100 in fees. The fees are added to the amount you borrowed. The total amount you’d need to pay back in this scenario would be $575 to $600.

If you’re unable to pay, those fees are charged a second time. If the loan was due after two weeks, but you couldn’t pay you will be charged another $75 to $100 in fees.

How Much Can You Borrow?

The amount you can borrow will depend on two factors. The most obvious factor is your financial health. You won’t be allowed to borrow more than you can reasonably pay back on your following payday.

Each state will also have its own set of laws on how much a person can borrow. In both Kansas and Missouri, the legal maximum is $500 for payday loans. If you earn enough, this would be the total amount you’re allowed to borrow at a time.

Who Should Get a Payday Loan?

Payday loans are typically meant for use in emergencies. They are a good option if you need a little money to pay rent or utilities on time, for example. Or, if you need to replace a tire but don’t have savings to cover the costs.

A payday loan isn’t meant to be used in place of other loans. These types of loans wouldn’t be useful in place of student loans, mortgages, or car loans.

A few situations where a payday loan might be right for you include:

  • You need a few bucks to cover rent or utilities
  • You need a minor vehicle repair (like a new tire or brake pads)
  • You need a minor home repair (like a new faucet or door locks)
  • You need grocery money today but don’t get paid for three days
  • You need money to cover medical co-pays in an emergency

In short, payday loans are appropriate for people who need a small amount of cash quickly. These loans are ideal for people who don’t have other borrowing options, such as close friends or family members.

Do You Need a Payday Loan?

Payday loans are great options for people who need a small amount of money quickly. They aren’t alternatives to other loan types, and not everyone qualifies for them.

Now you know the answer to “how do payday loans work?” If you need a payday loan, contact us today. We’d be more than happy to assist you with your short-term financial needs.

Your Guide to Bad Credit Payday Loans

bad credit payday loans

You’re in a pickle.

You’ve got bills to pay, rent to cover, and food to put on the table. But after a hectic holiday season, last month’s paycheck won’t cover it all.

Worse still, a poor credit rating means traditional sources of financial support are unavailable.

The situation isn’t great, but you’re far from alone! Consumer debt’s hovering at around $14 trillion these days. Households near and far are struggling to make ends meet. Increasing numbers of people are being forced to take on debt.

You might be reluctant to do the same. However, bad credit payday loans are one form of debt that offers a viable solution to these sorts of financial problems.

Would you like to learn more about them? Well, the following guide should help.

Keep reading for everything you need to know about payday loans.

What Are Bad Credit Payday Loans?

Let’s start with a definition.

Now, you might be able to deduce what these loans entail from the name! All the same, allow us to go into a bit more detail about what’s involved.

Bad credit payday loans are a form of short-term debt that’s available to people with poor credit scores. People borrow small sums of money (think under $1000) to be repaid upon receipt of their next paycheck.

Catches to know about include the fees and high-interest rates that usually accompany these loans. Because of the financial risk involved for the lender, these loans are expensive in nature.

Anyone who applies for one should ensure they’re able to repay it, in full, by the scheduled date.

We’ve got more info on the key considerations for accessing payday loans later in the article. Make sure you check them out!

Advantages of Payday Loans

Payday loans have a number of advantages to know about. We’ll go through a few of the main ones here:

1. They’re Quick and Easy

You’ll struggle to find a loan application easier than that of a payday loan.

The entire process can be completed within 24 hours or less!

That’s good news for anybody in serious financial trouble. If you’re in need of rapid access to funds, then payday loans certainly deliver.

2. There’s Little Paperwork

One reason these loans are so simple is through the lack of paperwork involved.

Go to the bank for a loan and you can be bogged down in confusing documents to complete. There’s none of that here. In general, there’s literally nothing by way of paperwork to worry about.

Occasionally you’ll be required to submit certain documents and details with an application. More often, though, you escape the bureaucratic process entirely.

3. There’s a High Chance of Approval

The nature of a bad credit loan is that denial of your application is unlikely.

After all, most loans are refused on the basis of excessive risk.

Lenders run a credit check and make a decision to approve based upon their findings. Traditional lenders, such as banks, take credit seriously and deny applications if the score is too low.

That isn’t the case with these payday loans though, where bad credit is expected.

4. Credit Checks Don’t Appear on Reports

Payday loan providers run softer credit checks than traditional lenders.

The purpose? To confirm the information that’s of particular interest. As we’ve noted, lenders aren’t so concerned with your credit score. They do, however, want to make sure you can repay the loan without defaulting.

To that end, they’ll seek to verify the authenticity of your bank account and job. The good news is that these checks won’t show up on your credit reports.

Payday Loan Considerations

Payday loans aren’t right for everybody. Here are a few considerations to help you decide if it’ll be right for you.

1. The Expense

Payday loans don’t come cheap.

Interest rates are high versus other loans, which means you end up paying back far more than you borrowed. Ensure you have the means to repay your loan in full come your next paycheck.

If you can’t, then you’ll end up in further financial trouble in due course. Expect added fees and potential legal action if you fail to pay off the debt.

2. The Potential Loan Sharks

Not all payday lenders are reputable.

Unfortunately, a number of ‘organizations’ set up to prey upon vulnerable people in financial distress. Desperate for finance, someone is more likely to agree to a loan with extortionate interest rates that leaves them unable to repay the loan.

Fees follow and the debt grows; the shark pockets the money.

Avoid this eventuality by doing your due diligence before signing the dotted line. Research the lender and read reviews to ascertain their reputation.

How to Access Payday Loans

Okay, let’s skip ahead.

You’ve weighed up the pros and cons and have decided a payday loan is the best way forward. How do you access them?

Thankfully, assuming you’re old enough (the age varies between states, but it’s usually 18 or 21 years old) and have a job, there’s not a lot separating you from the funds!

More often than not you’re only expected to provide proof of income and a form of ID. With an active bank account (and possibly an email address), the money should be accessible to you within hours.

Be aware that not everyone is granted a bad credit payday loan.

Lenders can refuse applications based on numerous factors, including excessive levels of risk, state law infractions, and/or current loans being repaid.

Time to Decide on Bad Credit Payday Loans

Bad credit payday loans can be a lifeline for anyone having financial trouble who can’t access traditional sources of financial support.

However, they can also be a mystery for someone who’s never heard of them. Alas, ignorance is a recipe for negative implications in this domain; we hope this article has proved enlightening!

In Kansas City and interested in applying for a payday loan of this nature? Contact us today to get the ball rolling.

Payday Loan Requirements: What Do I Need to Get a Kansas City Payday Loan?

Too many people, debt is a bad word. But during an emergency, quick access to cash can help you get out of a pinch.

Payday loans are a common short-term loan option when you’re looking to get cash quickly. Payday loans requirements vary by lender, but here’s how to get approved for most payday loans.

What is a Payday Loan?

A payday loan, sometimes referred to as a cash advance, is an unsecured loan offered by alternative lenders. The loan isn’t linked to your paycheck.

Instead, the term ‘payday’ comes from the idea that quick access to cash can hold you over until your next payday.  Payday loans are always short term and for small amounts.

Since funds are usually intended to give borrowers instant access to cash between paychecks, some loan terms require repayment to begin in just two weeks.

Payday loans are common. Around 2.5 million Americans take out payday loans each year to cover a variety of unexpected expenses and emergencies.

Because of the convenience of payday loans, fees are higher to cover the cost of the transaction.  Borrowers for payday loans vary from poor to decent credit.

How Much Can I Borrow?

Payday loans range between $100 and $500. The average payday loan is $350 with a term of just two weeks.

Some states, like California, cap payday loans at just $300. In Kansas, the maximum allowed payday loan is $500.

Borrowing what you can afford to repay is more important than getting the amount you want. If you don’t repay the debt within the agreed-upon loan period, you’ll be charged penalties that could exceed the amount of the initial debt over time.

Payday Loans Requirements

When you go to apply for a payday loan, there are standard items most lenders want to see. Take a look at the following list of typical payday loans requirements to help you prepare for your cash advance:

Government Issued ID 

Bring a government-issued form of identification when applying for a Kansas City payday loan. Examples of accepted identification include a state-issued ID card, driver’s license or a passport.

Photo ID is required and should match the name on other supporting documents. Never bring expired identification to apply for a loan.

You must be 18 or older to apply for a payday loan.

Social Security Number

Bring your social security card when applying for a payday loan. A copy may be acceptable instead of a physical card.

Call ahead to the payday loan location to see whether an original social security card is required.

Verifiable Income 

Payday lenders don’t require good credit to issue a payday loan. Instead, they ask that you have a steady paycheck to prove you can repay the loan.

Bring proof of income when applying for a payday loan. Proof of income varies depending on your employment circumstances.

In general, pay stubs are requested. Copies of checks or other electronic payments from an employer might also be accepted.

Checking Account

In order to qualify for a payday loan, you must have an active checking account. Closed checking accounts don’t allow lenders to verify your identify or draft payments from your account.

Personal Check

When you apply for a payday loan, a personal check is held as collateral. In most situations, borrowers write a check for the full amount of the loan including a lending fee.

When the loan comes due, the lender cashes the check. If the borrower is unable to pay, the loan term can be extended with a new lending fee.

Things to Know Before Getting a Loan

It’s important to understand how loans work before pursuing a payday loan. Payday loans are intended to be quick sources of emergency cash.

They are not a regular means to pay off personal expenses or debt. Payday lenders make access to cash quick and easy to help borrowers get out of emergencies.

The small amount of the loans equals that of a paycheck so that repayment is simple. With traditional loans, credit history is extremely important.

Payday lenders focus less on credit history to grant everyone the opportunity to take care of financial emergencies. The cost of giving access to high-risk borrowers, or people who may not repay the debt, is higher interest rates and fees.

These fees help cover the expense of issuing loans to borrowers who don’t pay back the loan. Around 46 percent of payday loan borrowers don’t repay their debt.

The cheapest way to borrow is to repay your debt on time. Constantly renewing a payday loan is a sign you borrowed more than you can afford to pay back.

Loan Terms

Payday loan terms usually last between two and four weeks. Plan ahead before getting your loan.

If you’re confident in your ability to repay within the two or four week period, then a payday loan is a great option for getting instant access to cash.

Emergency Cash Relief

Payday loans can save the day in any financial emergency. Because they’re issued in small amounts, payday loans are easier to repay than conventional loans.

As long as borrowers understand payday loans requirements, these loans can help them emerge from a financial crisis quickly. Borrowers who don’t understand the terms of a payday loan can easily become overwhelmed.

It’s much easier to borrow a small amount of money then get another payday loan at a later date than it is to borrow too much and struggle to repay. Payday loan default goes on your credit report and destroys your relationship with the lender.

Take advantage of the payday loan opportunities near you. Visit our location to apply for your next payday loan.

Wondering If Installment Loans Are Right for You? Click Here to Learn About Them

installment loans

Almost four in 10 Americans — that’s how many US adults would have a hard time covering a sudden $400 expense.

If that bill goes up to $1,000, only 40% of adults would be able to shoulder it with their own money.

So, what about the rest? 16% said they’d put a $400 expense on their card, while 10% would borrow money from friends or family. A total of 5% would get a loan, either from a bank or a payday lender.

If you find yourself in this situation, know that bank or payday loans aren’t your only option. There are also installment loans that can help tide you over until your finances are a bit better.

The question now is, what is an installment loan and how exactly does it work and differ from payday loans? Is it a good choice and if so, how can you secure one in Kansas City, KS or Kansas City, MO?

We’ll answer all these questions in this post, so be sure to keep reading!

A 100-Word Primer on Installment Loans

An installment loan is a fixed-amount, lump-sum loan that has a fixed repayment period. You’ll make several repayments towards the loan over this agreed-upon period. Each of these payments is an installment, hence the term “installment loan”.

By that definition, mortgages and car loans are also types of installment loans.

The loan repayments already include a portion of the principal and interest. What’s more, reputable KCK and KCMO lenders allow you to set an easy repayment schedule. Depending on what you’re most comfortable with, you can make payments twice a week, twice a month, or once a month.

Regardless of which payment schedule you choose, you’ll have a fixed payment amount. Meaning, you don’t have to worry about sudden increases, so long as you pay on time. If your first payment is $50, then all the other payments you’ll make will also be $50.

How an Installment Loan Works

Let’s say you need to borrow $500 (principal) and pay it back over a period of three months (loan term). Let’s also say that the lender will charge a monthly interest rate of 30%. Think of the interest rate as their “service fee” or compensation for letting you borrow money.

The lender will then divide the $500 into three (months), so you’ll pay $166.67 toward the principal alone. They’ll apply the 30% interest rate on that, so your monthly interest payment will be $50. Adding the two together, your total monthly loan repayment will be $216.67.

If you schedule a once-a-month payment, you’ll pay $216.67 once a month, for three months. You may find it easier to make smaller repayments, so you can also schedule repayment of $108.33 every two weeks.

Note that this is only an example, and that interest rates still vary. Don’t worry though, as reputable lenders are transparent about their rates. They don’t have “hidden” costs, as they put all the details of their services into writing.

Installment Loan vs Payday Loan

Personal installment loans, like payday loans, give you quick access to cash. If you get approved, you can have the money within the same day you apply for the loan.

Payday loans, however, usually need to be repaid by the time you get your next “paycheck”, hence the term “payday”. So, they have a much shorter repayment term, typically within two weeks or a month. This is also why payday loans have smaller loan amounts.

In Kansas City, KS and surrounding areas, lenders can only legally issue up to $500 for a payday loan. The same goes for Missouri payday lenders, including those operating within KSMO.

With an installment loan, however, you can borrow more money since you can pay it back over the course of a few months. And because it’s a longer-term loan than a payday loan, you may be able to secure a lower interest rate.

If You Need More Money than a Payday Loan Could Provide

Payday loans, although helpful, could be too small to cover your needs, with their cap set at $500. This surely won’t be enough to cover sudden home repairs like a leaky roof, which in Kansas City, could cost up to $850!

Medical emergencies are even more expensive, with the average ER bill in 2017 amounting to $1,389. That doesn’t even include prescription medications and other hospital fees.

In such cases, a personal installment loan may be a better choice than a payday loan. After all, reliable installment loan lenders in KSK, KSMO, and surrounding areas let you borrow up to $2,000.

If You’re More Comfortable Spreading Loan Repayments over a Few Months

Even if you need a loan smaller than $2,000, it may still be better to opt for an installment loan’s longer repayment term. Since you’ll make smaller loan repayments, you’d have an easier time coming up with the money. This could be helpful if you come across other money troubles before you could pay your loan in full.

You Can Extend the Repayment of an Installment Loan

Granted, you can also extend a payday loan term, but the costs could be higher than with an installment loan. That’s because the interest rate and other charges will apply to the entire loan amount. If you took out a $500 payday loan, the related extension fees will apply to that entire amount.

Whereas most extended installment loans only take into account the current amount owed. In this case, the additional charges will only apply to what’s left of your loan. If your unpaid balance is just $150, then the lender would apply the interest rate just on that amount.

Choose an Installment Loan for Easier, Hassle-Free Repayments

There you have it, your ultimate guide on Kansas City installment loans and what makes them a good choice. If you need to borrow a bigger amount that’s still easy to pay back, consider an installment loan. This way, you can get the cash you need now without worrying too much about delayed or missed payments.

Ready to solve your financial woes with a quick-approval Kansas City installment loan? Then please feel free to send your online installment loan application now! We’ll get back to you as soon as we receive and review your application.

When Will My Loan Be Paid Off? 8 Tips for Paying Off Payday Loans Faster

when will my loan be paid off

Every year, 12 million Americans borrow money via a payday loan. These unsecured personal loans get you money quickly when you need a bridge until your next paycheck.

But if you don’t pay them off in the established time, you may find yourself rolling the debt into another payday loan. You’ll spend more in fees and extend your debt. It can leave you wondering, “When will my loan be paid off?”

Focusing on paying down the debt quickly can save you money and get you back on track financially. Check on the terms of the loan, and find ways to put as much money as possible toward the loan to pay it off.

Use these tips to pay down your payday loan faster.

1. Limit What You Borrow

Payday loans aren’t meant to serve as long-term financial solutions. They’re designed for short-term financial situations to help meet your immediate financial needs. Relying on payday loans to handle your regular expenses can put you into a cycle that’s difficult to break.

Borrow only what you truly need to handle your financial emergency. If you’re spending the money on groceries, clothes, or similar items, you’re borrowing too much money. By limiting what you borrow, you’re better able to pay back the money on time.

2. Ask for an Extended Payment Plan

It may seem counterproductive to ask for an extended payment plan when you want to pay off your loan faster. But if you’re having trouble affording your payday loan, this option can cut down on additional fees.

If you fail to meet your payday loan obligations, you’ll likely face extra fees and interest. You might end up taking out an even larger payday loan. The amount you owe can continue climbing instead of decreasing.

When the lender is willing to work with you on a payment plan, you can break up the amount owed over time without the higher fees. It can keep you from falling behind even more.

3. Find Extra Money in Your Budget

You likely feel like your budget is maxed out, but most people can find places to cut back and free up money. Grocery shopping, entertainment, eating out, and splurges at the store are often areas where you can cut back.

You don’t want to miss out on fun, but putting yourself on a temporary spending freeze can help you get caught up and get your loan paid off quickly. Think of ways you can curb extra spending for now.

Pack leftovers for lunch and put what you would spend on lunch out toward your loan. It’s easy to spend $10 for a meal even at a fast food restaurant. That gives you $50 a week just for your work lunches to pay down your loan faster.

If your budget is already tight, consider selling things around the house for cash. You may even have luck picking up free items from the curb and selling them for cash. Put that money directly toward your payday loan.

4. Get a Part-Time Job

The idea of a payday loan is to use your next paycheck to cover the payment, but sometimes you can’t pay it all off as planned. Your current paycheck needs to go to other bills, and you may not have the extra to put toward the loan payment.

Consider getting a second job to get through your current financial situation. Working extra hours may seem like a pain, but it’s a temporary sacrifice to improve your finances.

Since the second job is new income you didn’t previously count on for bills, put your entire paycheck toward your payday loan. Continue paying your normal bills with your regular paycheck.

If you’re tempted to spend the money from your part-time job, deposit it into a different check account so you don’t see it with your normal income. Apply it to your payday loan as soon as you receive the money.

5. Make Extra Payments

Even small extra amounts can cut down on your loan repayment time. If you get a little extra money for working overtime, as a gift, or for any other reason, use it to make an extra payment toward the loan.

When you make your regular payments, round them up to a higher amount. If the required payment is $282, round it up to $300. You won’t miss the extra money, but it helps cut down your loan balance faster.

6. Refinance With a Different Loan

If you’re struggling to pay off your payday loan, consider refinancing that borrowed money with another type of loan. An unsecured installment loan can give you more flexibility on your repayment term. You may get a better interest rate and avoid some of the fees you have with a payday loan.

7. Utilize an Assistance Program

Sometimes your financial situation is more difficult, and you need some help. Check for local programs through the government or nonprofit organizations designed to help people with financial difficulties.

You may qualify for assistance for various expenses, such as rent or utilities. Consider visiting a local food bank to help stock your pantry.

Financial help in other areas can help you keep up with your loan payments. It can help you get back on your feet and improve your financial situation in the long run.

8. Borrow From a Friend

Borrowing from friends and family can be risky. If you can’t afford your payday loan payments, can you afford to pay back your friend? You don’t want to hurt your personal relationships over money.

Still, getting a temporary loan from a friend or family member may be an option if you’re struggling with your payday loan. If your personal lender charges interest, it’s likely a smaller amount than your loan fees. You may also be able to pay back the money over a longer time period to make it easier to afford.

When Will My Loan Be Paid Off?

The answer to, “When will my loan be paid off?” depends largely on your financial situation and your commitment to paying off the debt. Coming up with extra money to pay the loan on time or ahead of schedule puts you in a better financial situation.

Contact us if you need a payday loan. We can help you get the funding you need, and with these tips, you can pay it off quickly.

Is a Kansas City Payday Loan Renewal For You?

Is a Kansas City payday loan renewal right for you? In this article we discuss Kansas City payday loan renewals and how you can benefit from a renewal instead of getting a new payday loan.

We at Waldo Financial are interested in helping our valued customers in getting out from under the pay day loan cycle. We care about our customers to we often discuss with them a Kansas City payday loan renewal instead of just taking out the same $500 payday loan, pay day after pay day.

How A Kansas City Payday Loan Renewal Works

When a customer comes in to pay off their pay day loan, we give them the option to do a payday loan renewal instead.

Kansas City payday loan

Get your Kansas City payday loan at Waldo Financial

How the renewal works is at the time the payday loan is due, the user pays $50 plus any interest due at that time. A new loan is created and the principal is reduced by $50 .

An example of the process is below:

  • Customer comes in and takes out a $500 loan.
  • Two weeks later the customer comes in and pays $50 principal plus any interest that was accrued in the two week period. A new loan is created for $450.
  • Two weeks later the customer comes in and pays $50 principal plus accrued interest. Since the total principal has gone down the interest is not as high as on the original loan. A new payday loan is created for $400.

This renewal process can continue for six times creating seven payday loans in total. This renewal process benefits the customer in a couple of different ways:

  1. It reduces the amount of interest that a customer is paying because they are reducing the amount of principal with each loan renewal.
  2. It gets the Kansas City payday loan down to a manageable level allowing the customer to finally pay off the entire Kansas City payday loan without having to re borrow, which allows them to get out from under their debt a little at a time.

Waldo Financial is located at 8437 Wornall Road in Kansas City, MO. Visit our service center today for a Kansas City payday loan. See if a payday loan renewal is right for you.

How To Qualify for a Kansas City Payday Loan

This Kansas City Payday Loan articles discusses some of the requirements that a payday loan applicant must meet in order to receive a quick cash advance payday loan.

We have several qualifications to get a Pay Day loan at Waldo Financial.

Kansas City Payday Loan Qualification #1Kansas City payday loans

Our first requirement is related to where an applicant banks. Our system that we use for loan processing is unable to work with every bank type. That is why we require that you have a checking account at a traditional bank that has been open and active for at least 90 days. Some banks that are considered to be traditional banks are Commerce, Bank of America, Arvest Bank, Wells Fargo, BMO Harris etc. Pay cards are not considered to be traditional banks. Some pay cards work with our processing system and others do not.

Kansas City Payday Loan Qualification #2

The second qualification for a Kansas City payday loan is that you make at least 12 dollars per hour at your job. The 12 dollars cannot be partially made up by tips or commission.

Kansas City Payday Loan Qualification #3

The third qualification is that the applicant direct deposit at least $1,500 per month into the checking account.

Those are the main requirements that are discussed when an applicant calls in for information about obtaining a Kansas City payday loan. Our underwriting group does consider other things when they are determining if you are qualified to get a loan with Waldo Financial.

Waldo Financial will not be a second lender. If the applicant has another loan out with a different lending company we will typically not issue the applicant a payday loan. Some exceptions can be made based on the entire situation.

Waldo Financial does not like to lend to applicants that have charge offs in their history. A charge off is when the applicant had a loan and did not pay the loan off.

If the applicant has many recent inquiries with other lenders Waldo Financial may not want to lend to that individual.

Our underwriting group also considers the score on a subprime lending report that they run, they like to see a score of 600 or better but sometimes exceptions are made.

Now that you know, go here to apply for a Kansas City payday loan.

Do You Qualify for a Kansas City Payday Loan?

Do you quality for a Kansas City payday loan? Learn more now how Waldo Financial’s underwriting process before you apply for a Kansas City payday loan.

The following is the process that the Waldo Financial underwriting department follows when processing payday loan, cash advance loan and quick cash loan applications that are sent in from the website, taken over the phone or done in the lobby of our location.

The Kansas City Payday Loan Underwriting Process

Once the online Kansas City payday loan application has been received, the friendly staff will input information into the system that is required. The underwriting group runs two sub-prime lending reports. One of the reports is from Teletrack. Teletrack shows how many pay day loan inquiries that you have done. It also reports whether you have any charge-offs.

Kansas City payday loan, cash advance loanThe other report is from CL Verify. This reporting services provides the same information as the Teletrack, but it also shows the bank accounts that you have open and closed, as well as home addresses where you have lived. It also provides a borrower score.

Underwriting accumulates the following information in order to assess whether or not an individual is going to get a loan from Waldo Financial:

  • Application
  • Teletrack report
  • Cl Verify report
  • Most current check stub
  • Last thirty days of transactions from your checking account

There are several things that will disqualify you from getting an online Kansas City payday loan at Waldo Financial. The list below shows the most common items that will keep you from getting a Waldo Financial Kansas City payday loan:

  • Too many recent inquiries
  • A charge off with another lender or with us.
  • A CLV score under 600
  • Too low of an average daily balance in your checking account
  • Too many bank accounts currently open
  • A loan with another vender
  • A garnishment on your paycheck.

While this is not a complete list, it gives you an idea of what sorts of conditions will keep you from getting a Waldo Financial Kansas City payday loan.

There could be other reasons that you would not qualify for a loan with Waldo Financial. Since we are a single store front, we have stricter rules than some of the other chain lenders. The above list is a limited list and there may be other reasons for disqualification, it is up to the discretion of the underwriting department.

So.. do you quality for a Kansas City payday loan? The information above tells you about  Waldo Financial’s underwriting process. Be prepared to for this review before you apply for a Kansas City payday loan at Waldo Financial.