This Kansas City payday loans article describes exactly what type of loan a payday loan is and who is best suited for this type of short-term loan.
Payday or pay day loans are an often misunderstood form of lending. These short-term, unsecured loans offer credit availability and fast access to cash to all types of consumers, including those facing a short-term emergency, the self-employed who can’t easily document their income for a bank, and anyone who has trouble qualifying for a traditional bank loan.
Kansas City pay day loans can be made online or at a brick-and-mortar store and they are usually a low amount ranging from $100 to $500. Pay day loans Kansas City borrowers usually take out loans for about $375 to cover an emergency or pay bills. Because these loans are short-term, they are usually due 2 weeks after they are made or on the borrower’s next payday.
Fees for payday cash advances are usually advertised as a dollar amount per $100 borrowed, which may be $10 to $30 per $100. While it’s common to see this loan option slurred in the media for its high annual interest rate, it’s important to consider that an annual rate is irrelevant to most payday loan borrowers as the loans end after 2-3 weeks. With very short term loans, focusing on the dollar amount of the charge is usually more appropriate and makes it easier for borrowers to compare lenders.
Who Takes Out Payday Loans in Kansas City?
It’s estimated that 12 million Americans take out payday loans every year. While anyone may benefit from a short-term loan, these loans are often used by borrowers who have limited opportunities to borrow money from traditional lenders or credit cards with few assets and limited credit history. Many people who turn to pay day loans Kansas City lenders live paycheck to paycheck and struggle with significant hardship if there is even a small interruption in income or an unexpected expense like car or home repairs.
Qualifications for a Payday Loan
Payday loans typically have very easy requirements to meet:
* 18 years or older
* Steady source of income
* Active checking account
* No other outstanding payday loans
Payday loans are very straightforward and easy to obtain, offering borrowers fast access to the money they need in a matter of 1-2 days in most cases.
If you are facing a short-term emergency or just need extra cash to cover expenses until payday, a short-term payday cash advance can be a smart choice. Waldo Financial offers payday loans to consumers with competitive rates and an easy 5-minute application process.
This described Kansas City payday loans and who is best suited for this type of short-term loan.