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.

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.

Best Kansas City Payroll Check Cashing Service

This describes the best Kansas City payroll check cashing service. Now people in the Kansas City area have a fast and dependable way of cashing their payroll check at Waldo Financial. They also offer one of the lowest payroll check cashing fees.

Payroll checks are the easiest checks to cash for our business. Here is some useful information you’ll need when cashing your Kansas City payroll check.

Kansas City Payroll Check Cashing

Waldo Financial charges the lowest processing fee in the Kansas City area when it comes to cashing your payroll check. Waldo charges a 3% fee on payroll checks. That means 3% of the check amount that is being cashed.

How The Kansas City Payroll Check Cashing Service Works

Best Kansas City Payroll Check Cashing Service

WaldoFinancial.com offers the best Kansas City payroll check cashing services in the Kansas City area.

When you take your payroll check into Waldo Financial, they will first look to determine whether they have cashed checks from this employer before. If they have, and the current check is similar to those cashed in the past, Waldo may not call the employer to verify the check.

In the event that Waldo has never cashed a check from this particular employer, Waldo may ask to see the check stub for review.

Waldo Financial may also call the employer to verify the payroll check.

Cashing Old Payroll Checks

In the event the payroll check is old, Waldo Financial will call to verify that the check is still valid. They will want to ensure that there are no stops or holds on the payroll check.

If for example, the employer is not available because it is after hours or the weekend, Waldo Financial may proceed to cash the check. That decision is based on how the check looks and the information displayed on the check stub. Cashing this sort of check is at the sole discretion of Waldo Financial.

Kansas City Payroll Check Cashing – First Visit

If you come into our location to cash a payroll check and have previously never cashed a check with us, we will require that you provide a valid picture identification card. One of our staff will then get you set up in the system. Waldo will scan the identification card and fill out any pertinent information. They will take a picture of you for our records. Waldo may also have you fill out the basic information sheet – depending on the amount of the payroll check being cashed. Once you are set up in the Kansas City payroll check cashing system, you will be able to come in and cash any of the other check types that we cash.

To learn more about Kansas City payroll check cashing, go here. Or visit our service center at 8437 Wornall Road, Kansas City, MO, 64114. Or call us directly at (816) 333-6800.

We look forward to cashing your payroll check.

How To Quickly Get a Kansas City Installment Loan

This installment loan article describes how to quickly get a Kansas City installment loan for quick cash when you need cash. Waldo Financial can help you with a Kansas City installment loan.

What does it take to get an installment loan in Kansas City?

Waldo Financial provides the Kansas City area with installment loans. However there are necessary qualifications to get an Installment loan at Waldo Financial.

Kansas City Installment Loan – Requirement #1

Kansas City Installment Loan at WaldoFinancial.com

Get a Kansas City Installment Loan at WaldoFinancial.com

There are several requirements when it comes to getting a Kansas City Installment Loan. The first requirement is related to where an applicant banks. Our system that is used for loan processing is unable to work with every bank type. That is why a checking account at a traditional bank that has been open and active for at least 90 days is required.

So what’s considered a traditional bank?

Some banks that are considered to be traditional banks are Commerce, Bank of America, Arvest Bank, Wells Fargo, BMO Harris etc. Please be aware that Pay cards are not considered to be traditional banks. Some pay cards work with our processing system while others do not.

Kansas City Installment Loan – Requirement #2

Another qualification 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 Installment Loan – Requirement #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 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 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.

Contact Waldo Financial for your Kansas City installment loan. Visit their service center at 8437 Wornall Road, Kansas City, MO, 64114. If you have questions, please call (816) 333-6800.

Kansas City Supplemental Security Income Check Cashing Service

This describes Kansas City check cashing services article describes the how and where of Kansas City Supplemental Security Income check cashing. Waldo Financial provides Kansas City Supplemental Security Income Check Cashing services.

Are you wondering where you can cash your Supplemental Security Income check in the Kansas City area? Are you looking for a Kansas City Supplemental Security Income (SSI) Check Cashing service? If so, Waldo Financial can help you.

Waldo Financial is able to cash your SSI or disability checks. We charge a 3% fee to cash Kansas City SSI checks. You must sign the SSI check exactly as it is written. If the check is made out to you for a dependent then that is how you must sign the check.

Do not sign the check until you are at Waldo Financial. We would like to witness you signing the check. The reason for this is that we have had several recent instances where a check was deposited electronically and then brought into our location to be cashed. The other reason you do not want to walk around with a signed check is that if you lose it or it is stolen it is easier to get cashed somewhere else if it is signed.

Kansas City Supplemental Security Income Check Cashing Service

Kansas City Supplemental Security Income Check CashingTypically we do not have to get these types of checks verified. If the check is very old or looks different than similar checks that we have cashed we may call the United States Treasury Department. We to that to verify that the check is valid and that there are no stops or holds on the check.

Cash Your Kansas City SSI Check

If you come into our location to cash a SSI or disability check and you have never cashed a check with us before we will require that you have a valid picture identification card with you. One of our staff will then get you set up in the system. We will scan the identification card that you provided and fill out any pertinent information. Next, we will take a picture of you for our records. We may also have you fill out the basic information sheet. All this depends on the amount of the check that you are cashing. Once you are set up in the check cashing system you will be able to come in and cash any of the other check types that we cash.

Go to our Waldo Financial service center located at 8437 Wornall Road, Kansas City, MO for Kansas City Supplemental Security Income Check cashing services.

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.

KEYWORD PHRASES: Kansas City instant payday loans, Kansas City payday cash advance loan, Kansas City payday loans

SITE: https://www.waldofinancial.com

Looking for a Kansas City Payday Loan Online?

This describes Kansas City payday loans online when you’re looking for a short-term cash loan or a cash advance loan.

Kansas City is recognized for baseball and barbeque. It is the west-most city in Missouri that shares its cosmopolitan location with an additional state. Lots of individuals battle financially in Kansas City.  Some teeter on the side of economic catastrophe continuously. Luckily there are companies in Kansas City committed to assisting individuals in tough financial circumstances. And that’s where WaldoFinacial payday loans come in handy.

Obtaining Assistance in Kansas City

An economic emergency situation could be triggered by anything from an automobile mishap to the loss of a work and also any kind of variety of points between. You are not alone if you locate on your own in such an alarming monetary circumstance. WaldoFinancial.com has the ability to assist many people with a Kansas City payday loan online.

Getting a Kansas City Cash Advance Loan

Possibly you require cash and also you have actually made a decision that a financing is your finest method to obtain out of a difficult economic circumstance. There are a number of various funding options available that you could obtain on the internet or with store loan providers throughout KC.

A great deal of car loans have incredibly high rate of interest as well as costs. And also these lendings can leave you further in the red instead of resolve your economic troubles.

When you’re looking for a Kansas City payday loan online, visit WaldoFinancial.com for your short-term cash advance needs. Call their office now at (816) 333-6800. Or walk into their storefront at 8437 Wornall Road, Kansas City, MO, 64114 and speak with a Kansas City payday loan specialist today.

Kansas City Consumers Want Payday Loans

This describes Kansas City payday loans and the desire for consumers to have access to small dollar consumer loans.

Over the last year, the Consumer Financial Protection Bureau (CFPB) has collected more than one million comments submitted to the agency ahead of its proposed small-dollar lending rule that would regulate Kansas City payday loans and other small consumer loans. Despite evidence that consumers want and need access to small-dollar loans, the head of the CFPB – Richard Cordray – testified before the House Financial Services Committee that the agency will double down on its plans. He made no acknowledgement of the negative impact of banning payday loans.

In his testimony, Cordray pointed out that 14 states currently ban payday loans and these consumers “seem to get by just fine,” but the truth is there is no such thing as a state with no payday loans. An estimated 11,600 consumers in these 14 states go online seeking a payday loan every day with about 2.7 million payday loan applications submitted from these states per quarter.

Consumers Seek Banned Payday Loans

Kansas City payday loansTypically, consumers in states banning payday loans turn to lenders illegally marketing loans and in some cases lenders based offshore. The proposed rule to limit access to legal payday loans would have no effect on these loans and do nothing to protect borrowers.

About one-third of all payday loan complaints come from 14 states that ban payday loans. This means that consumers in these states are seeking loans from unregulated and largely illegal lenders instead of working with local, regulated and licensed businesses.

The CFPB, which was created in 2011 in response to the financial crisis and recession. In that time it has only received 17,207 complaints about payday loans. Meanwhile, about 550 million payday loan transactions have occurred since 2011. This means the CFPB receives on average just one complaint for every 32,000 payday loans.

Even though there are states that do not allow regulated payday loans, it is clear that consumers find other ways to access small-dollar loans.

Consumers without access to this lending industry make more complaints about illegal debt collection and lenders, bounce more checks, and file for bankruptcy more often.

When used responsibly, Kansas City payday loan providers like Waldo Financial give consumers access to credit they may not have otherwise have access to. This helps them avoid serious financial repercussions like bad credit, disconnected utilities, foreclosure, repossession, bankruptcy, and bank fees.

Why Use Kansas City Check Cashing Instead of Banks

A growing number of consumers are happily remaining unbanked and underbanked, relying on alternative financial services like Kansas City check cashing and prepaid cards instead of using bank services.

Why?

Because banks tend to be more expensive for people who live paycheck to paycheck and small business owners.

Kansas City check cashing servicesKansas City banks charge high fees for nearly everything. While a checking account may be free, there may be a minimum balance to maintain to avoid a monthly fee. If the balance dips too low and a transaction goes through, there’s another hefty overdraft fee. A bank will charge an average of $29 for every transaction that overdrafts the account — even if the balance only dips below $0 by a few dollars or the transactions themselves are low dollar.

Consumers also face a host of other fees like bounced check fees and many feel like they are being nickel and dimed to use their own money.

Predictable Kansas City Commercial Check Cashing

Kansas City commercial check cashing services come with a predictable and low upfront cost. Consumers know exactly what they will pay to use Kansas City check cashing providers. They won’t be charged hidden fees when using their money. There are no overdraft fees, no minimum balances, and no bounced check fees.

Check cashing is also provided by a locally-owned, small business. Many consumers have more trust in visiting a neighborhood storefront to conduct financial business rather than walking into an intimidating bank. Consumers today want customer service and neighborhood-based services, something that is lacking when it comes to big banks.

Waldo Financial is a leading Kansas City check cashing service provider with an affordable, honest pricing structure for Kansas City commercial check cashing services. Consumers can expect friendly service with a range of financial solutions that make it easy to pay bills, cover business expenses, and more. Get your Kansas City check cashing services here.