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.
The 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:
- 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.