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.

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.

How to Avoid Payday Loan Fraud

This describes how to avoid payday loan and cash advance loan lending fraud in Kansas City. Don’t allow unscrupulous payday loan lenders to take advantage of you.

While there are many payday loan cash advance Kansas City lenders who have good reputations, there are many who don’t. Since payday loans do not require a credit check, unscrupulous individuals sometimes take advantage of borrowers who need cash immediately. From posing as legitimate businesses to harassing customers for late payments that they do not owe, these are people to avoid.

Fortunately, there are a few signs that you can look for to avoid being entangled in a cash advance loan Kansas City lending fraud. If you have recently acquired a cash advance loan but are receiving calls that payment is due in full, you are probably dealing with fraud. In the same way, getting a call from a “lender” who demands your personal information over the phone in order to complete your loan is also not to be trusted. If you receive calls or emails like these, follow these guidelines to remain safe:

•    Never give your personal information, address, or banking numbers to someone over the phone.
•    Verify who the caller is by asking for the caller’s contact information, address, and so forth to find out of the information matches your lending company’s.
•    Request the lender’s state license number. A legitimate company will have no problem supplying this. Compare it with known state licenses.
•    If the caller tells you they are your lender but asks you to confirm that you are the correct person by supplying personal information, hang up and call your lender to confirm that they requested the information.

Following these responsible practices will keep you and your finances safe when using cash advance loans. If you don’t already have a loan but need one, be sure to visit a payday loan cash advance Kansas City lender today.

This described how to avoid payday loan and cash advance loan lending fraud in Kansas City. Unscrupulous payday loan lenders will take advantage of you if you are not armed with the knowledge described above.

Looking for a Kansas City payday loan or cash advance loan in Kansas CityCall Waldo Financial today at (816) 333-6800.

KEYWORDS: Kansas City payday loan, Kansas City cash advance loan

WEBSITE: https://www.waldofinancial.com

3 Tips for Using Payday Loans in Kansas City

This describes 3 tips for using payday loan cash advance loans in Kansas City. Know what the payday loan is being used for in Kansas City.

As short-term financial benefits, payday loans – also known as cash advance loans – are constructed to assist you even in the event of an unexpected expense or emergency. In other words, your primary goal in getting a payday loan cash advance in Kansas City is to keep some cash available in your pocket even during a financial struggle. Individuals getting a payday loan cash advance in Kansas City should consider the following three tips when using payday loans.

What is Your Payday Loan For?

Perhaps you need it to make an unexpected purchase or to cover a costly medical visit. While cash advance loans are very effective for short-term goals, they can be unsuitable as long-term solutions to everyday living expenses or existing credit loans. The risk of defaulting on your payments when loans are used this way becomes greater as time goes on.

Can You Afford the Interest?

When discussing payday loan cash advances in Kansas City, the subject of interest is one you should not skip. Interest rates fluctuate greatly from one state to another so you will have to look at what your chosen lender offers and for how long. You can then calculate the total amount that you will owe at the end of the agreement. This will help you determine if it is a contract that you can adhere to.

Avoid Using Multiple Cash Advance Lenders

While there are many reasons to use more than one lender, this is not only often illegal but can leave you with more debt than you can control. Also look at cash advance loans in Kansas City from a reputable lender. Once you’ve found one you like, you’re ready to take out a payday loan.

This described 3 tips for using payday loan cash advance loans in Kansas City. Know what the payday loan is being used for.. know whether you can afford it and avoid having multiple payday loan cash advance loan lenders in Kansas City.

WEBSITE: https://www.waldofinancial.com

KEYWORDS: kansas city payday loan cash advance

How to Avoid Payday Loan Scams in Kansas City

Looking for a payday loan in Kansas City?  This describes how to avoid common payday loan scams in Kansas City.

Kansas City payday loans are as vulnerable as any others to scams and fraudulent lenders. But sometimes you can’t tell if a lender is reputable.  That’s where the CFSA or Community Financial Services Association of America comes in.  Most reputable payday loan lenders are members, which requires that they conform to a set of ethical, customer-friendly practices and standards.

Their bill of customer rights stipulates the following things:

  1. Every customer is entitled to courteous and professional service.
  2. Your financial privacy and personal identity will be protected both during your loan and after.
  3. Customers are allowed a full, written disclosure of every fee and all terms that deal with your payday loan.
  4. You may rescind your payday loan within one business day of receiving it, at no extra cost.
  5. If you think you have been mistreated or that the lender is in violation of the CFSA’s code of Best Practices, you have the right to file a grievance against that company if it is a member of CFSA. CFSA will then work with you and the lender to resolve the issue.
  6. Payday loans may only be collected within lawful and professional practices.
  7. After you repay your loan, you do not have to accept any further offers from the lender and are not required to accept anything more.
  8. Each lender must adhere to the laws of the state they are in and you have the right to demand  they do.

CFSA wants to ensure that customers are treated fairly by lenders.  If a lender does not follow any of these practices and guidelines, you may want to think twice before borrowing from them.

This Kansas City payday loan article described how to avoid common payday loan scams in Kansas City.

If you’re looking for a payday loan in Kansas City, contact Waldo Financial for your payday loan needs.  Call for a payday loan by dialing (816) 333-6800  or walk into the Waldo Financial office at 8437 Wornall Road, Kansas City, MO, 64114.  See a map of the Waldo Financial location.

Waldo Financial is a licensed payday loan provider in Kansas City.

KEYWORDS: payday loan Kansas City, payday loans Kansas City

WEBSITE:  https://www.waldofinancial.com

Kansas City Payday Loans: What Is a Pay Day Loan?

Kansas City payday loans are for those that need extra cash in a hurry.  Consider payday loans for your short-term cash needs.

If you’re a resident of Kansas City and need some extra cash, one of the places you can turn to is a lender of payday loans.  But you might be asking: what exactly is a payday loan?

Payday loans are simply short term loans that you can use to cover your expenses until your next paycheck.  Most payday loans are designed so that you can pay them back at that time.

So, how do they work?

Payday loans are made available by businesses, not banks.  They’re called payday loans because most people only borrow what they absolutely need to get them to their next paycheck or payday, at which time they can pay off the loan.

The lender will lend you enough money to make it to your next paycheck and charge an extra fee for doing so.  Because they are guaranteeing money for you, the interest rate is often times high.  Some lenders charge up to four hundred percent interest rates.

When you’re ready to take out a payday loan, you have two options: go to a physical location or look online.  Most physical lenders require a security for the loan, usually a check or other, similar evidence that you’ll eventually be able to pay back the loan.

Online payday loan lenders only need the ACH or Automated Clearing House authorization code in order to give you the loan.  The ACH is the same code your employer uses to deposit your paychecks directly into your bank account.  Many people prefer the online payday loan option since you can easily avoid long lines and the hassle of actually going to a physical location.

Payday loans are a great way to meet your near term financial needs.  Be sure to get educated and request your payday loan from a licensed lender like Waldo Financial.

This article described Kansas City payday loans.  Payday loans are great for those that need extra cash in a hurry.  Call-in or walk into our Waldo Financial payday loan location to get your payday loans for your short-term cash needs.

KEYWORDS: kansas city payday loans, payday loan

WEBSITE: https://www.waldofinancial.com

Finding the Best Payday Loan and Cash Advance Loan in Kansas City

This article describes selecting the best payday loan and cash advance loan in Kansas City. Always get your payday loan from a licensed lender.

The Community Financial Services Association, or CFSA, is the national trade association for companies that offer payday loans or short term loans to consumers that have short-term cash needs. The association strives to provide regulations for reputable lenders in order to protect you the consumer from fraudulent practices.

The CFSA believes that payday loans should be provided in a responsible, safe manner with plenty of consumer protection in place. In order to do this, CFSA members – the pay day loan lending companies – must obey CFSA’s code of Best Practices. This short list of regulations and guidelines ensures that lenders act responsibly and professionally to protect your rights.

To be licensed with the CFSA, member payday loan companies must abide by these practices. Because of this, the CFSA seal has become synonymous with a good reputation. Over half the pay day loan lending companies in the country are members of this organization.

Among the Best Practices list is the requirement to display the lender’s full fees in easily accessed areas in-store or, if they are online-only, in an obvious spot on their website. Pay day loan lenders must also offer their customers an extended payment plan at no additional charge if the customer can’t pay back their loan on time.

In addition to this, CFSA members must place the CFSA Member Seal to the window of their store in a prominent place. They also encourage that lenders give new customers a guide to responsible use of pay day loans. If the Kansas City pay day loan company you’re looking at has all of these earmarks, chances are that it is a solid, reputable lender.

This described one method of selecting the best payday loan and cash advance loan in Kansas City. Always get your payday loan from a licensed lender.

KEYWORDS: best payday loan, cash advance loan Kansas City

WEBSITE: https://www.waldofinancial.com

7 Tips for Payday Loans in KansasCity

This article describes payday loans and cash advance loans in Kansas City. 7 tips to use payday loans and cash advance loans responsibly.

Kansas City payday loans or cash advances can offer a brief respite from the burden of expenses that you cannot currently pay. However, you should be aware that there can be significant risks to your personal finances when you borrow cash in Kansas City. Thus, the Online Lenders Alliance or OLA has listed seven tips to help their customers use payday loans in the most responsible way:

1. Payday loans are real loans for short term solutions. They must be paid back according to the terms laid out by the lender.

2. Read all the terms in a payday loan contract before you sign. Lending companies like WaldoFinancial.com are required to provide you with their full terms and conditions before providing you a payday loan or cash advance loan.

3. Payday loans are just like any other loan in that they come with a fee. If you can’t pay back the loan by the original due date, those fees usually increase.

4. If you apply for a loan online, you will have to include your bank account information. Be sure the website is secure before you provide that information.

5. Do not take out a payday loan you cannot pay back or borrow more than you can afford.

6. Payday loans should not be used as a long term solution – they are intended for short term use.

7. Paydays loans should not be used to pay off other loans.

The Community Financial Education Foundation provides more consumer tips and information on their site. You might also try the FDIC websites for financial education and resources.

This article described payday loans and cash advance loans in Kansas City. When you use these 7 tips, you’ll be in a better position to use payday loans and cash advance loans responsibly in Kansas City.

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WEBSITE: https://waldofinancial.com