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.

How To Obtain an Immediate Kansas City Payday Cash Advance Loan

Do you need money quickly in Kansas City? Are banks unwilling to make a quick cash loan to you? If so, you might consider an instant Kansas City payday cash advance loan from Waldo Financial. They are conveniently located at 8437 Wornall Road, Kansas City, MO, 64114.

Waldo Financial provides Kansas City payday cash advance loans when you really need it most. The friendly staff helps you get instant cash when you need it most.

Kansas City Poor Credit Loans

If you have poor credit and are stressed on how that might restrict you from obtaining a loan, then Waldo Financial can help you. You could obtain a Kansas City payday cash advance loan instantaneous at their location.Kansas City payday cash advance loan

There are a couple of points to understand when taking out a cash advance loan.

An instant Kansas City payday cash advance loan will certainly have a greater rate of interest compared to various other fundings due to the fact that they call for no credit score checks. This produces even more danger for the lending institution. A credible lending institution like Waldo Financial, however, will certainly provides its clients a reasonable and also practical interest rate.

Kansas City Poor Credit Score Loans

Do you need a cash advance loan or a payday loan but have a poor credit score? If so, Waldo Financial can help you.

Moreover, without a credit score check, you are assured instantaneous authorization for the payday cash advance loan. It does not matter just what your credit history is. This simply means that the lending can be made quicker. Without a credit history check, a lot of consumers get their loan within a day and even faster.

On-line cash loan car loans in Kansas City are an additional fast alternative to obtaining some added money considering that they can be gotten from the comfort of your house. Consumers could likewise utilize the Web to contrast prices or search for a loan provider’s conditions.

Instantaneous authorization fundings or Kansas City payday loans are useful and a convenient method to cover unforeseen financial situations.

Get a Kansas City Payday Cash Advance Loan

Consider a Kansas City online payday loan application or walk into the Waldo Financial cash advance lending office today. You can also have your money by the end of the day.

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SITE: https://www.waldofinancial.com