Who Uses Kansas City Payday Loans and Why

This describes Kansas City payday loans and answers the questions: what are payday loans and why you should use them.

Payday loans are short-term, unsecured loans in Kansas City that give consumers fast and easy access to credit when they need it most. Pay day loans are used by people of all ages and backgrounds, but borrowers tend to be people who live paycheck to paycheck and face extreme financial distress due to an unexpected expense or disruption in income.

In general, pay day loans Kansas City borrowers are younger adults with an income under $35,000. These borrowers are employed and have a checking account, and may have access to mainstream financing solutions like credit cards or bank loans but lack the assets or available credit. Most borrowers use the proceeds from a payday loan for basic living expenses like rent, utility bills, groceries, and important car or home repairs as well as staying current on credit card bills.

While in Kansas City pay day loans are sometimes referred to as an option of last resort, many borrowers simply find them to be the lowest-cost solution to solve a financial emergency. Payday loans typically have fees of $10 to $30 per $100 borrowed with an average loan amount of $375. On the loan end of the scale, that means a fee of less than $40 to borrow money until payday and avoid higher borrowing costs or adverse effects like car repossession, utility disconnection and high reconnection charges, credit card late fees, and more.

While there is a cost to using a payday loan, the truth is many borrowers are able to improve their financial situation at a comparatively low cost by turning to a short-term loan.

Waldo Financial is a leading pay day loans Kansas City lender offering borrowers unsecured short-term loans at competitive rates. Loans are funded in just 1-2 business days to help borrowers get access to the cash they need to weather the storm and stay on top of bills until payday.

This described Kansas City payday loans. This article answered the questions: what are payday loans and why you should use them.

Comments are closed.