This describes Kansas City Payday Loans and why so many consumers today are using payday loans instead of banks.
American consumers are tired of banks providing low-quality service in exchange for high fees at every turn. While the common misconception is only poor people use payday loans, the truth is different. Kansas City consumers use pay day loans and other alternative financial solutions because they are cheaper, easier, and faster than bank services.
Many consumers are also under-served by banks with little access to credit. Banks want high profit and low risk, pushing consumers out of the market if they want small-dollar loans, have poor credit, or fail to meet strict income and employment requirements to get approved for a loan.
It’s estimated that there are 70 million consumers in the U.S. who are unbanked or under-banked, which means these consumers cannot obtain services from a bank. Consumers who live paycheck to paycheck and lack the savings to cover a short-term financial emergency can find themselves in a difficult position.
This is why Kansas City pay day loans providers provide an in-demand service. It’s affordable and predictable fees in exchange for a short-term loan funded in just one day. Kansas City pay day providers do not have a strict underwriting process that push out under-served consumers. For many, pay day loans are the only solution to pay bills, afford car repairs, and pay off medical expenses in an emergency.
Kansas City Payday Loans Are Short-Term; Not Long-Term Loans
Kansas City pay day loans providers hear criticism for high annual percentage rates (APRs) on their loans. Critics don’t consider that payday loans are meant to be repaid in two weeks. Low-income consumers and those living paycheck to paycheck are left with few alternatives. The banking industry has shut them out completely.
Banks charge fees for almost everything. They charge you for withdrawing money. Banks charge you to use their ATM. They charge for failing to maintain a minimum balance to overdraft fees and paper statement fees. It is no surprise that millions of consumers go elsewhere with their business. Traditional bank services are simply unaffordable or inaccessible for many.
Waldo Financial is a leading provider of Kansas City pay day loans. They provide affordable pay day loans with honest pricing and flexible repayment solutions.