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.
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.