Cash Advance and Payday Loans in Kansas City, MO.
Kansas City residents who need emergency money but don't have access to traditional forms of credit can request for cash advance and payday loans. These loans are also known as "emergency loans" because they can help address unexpected expenses. In Kansas City, MO, payday lenders should have a license issued by the state's Division of Finance to operate legally. Before submitting a loan request, read on for more information about Kansas City’s lending regulations.
Advantages of Taking Out a Payday Loan in Kansas City
Taking out payday loans in Kansas City has several advantages.
- Requesting a loan is fast, easy, and requires minimal documents.
- Payday loans are unsecured loans. This means that the consumer doesn’t have to secure the loan with collateral.
- Requesting a payday loan online is convenient and flexible. The consumer can request the loan from the comfort of their home any time of the day.
- Consumers with damaged credit scores may qualify for a loan. Some lenders may consider income alongside credit when determining a consumer’s eligibility.
How to Get a Cash Advance and Payday Loan in Kansas City
Kansas City residents can request for payday loans online through the lender's official website. The lender will require your personal and financial information for review. If the consumer is approved for a loan, the lender may provide the funds in as little as one business day.
Cash Advance and Payday Loan Requirements
To request a payday loan in Kansas City, consumers must be at least 18 years of age and present the following documents:
- Government-issued ID
- Proof of residence
- Proof of income
- Personal checking account
- Social Security number
Costs and Regulations of Cash Advances and Payday Loans in Kansas City, MO
In Kansas City, the maximum loan amount is $500. The loan term can be from 7 to 30 days. The average APR ranges around 391%. However, interest and fees cannot exceed 75% of the principal balance. Kansas City residents can request two payday loans from the same lender simultaneously. Additionally, consumers may roll over their loans up to six times.
Lenders are prohibited from pursuing any criminal action against consumers. However, when consumers can't pay off their loan, the lender may charge a $25 NSF fee and a late fee totaling 5% of the amount advanced. Moreover, state law requires lenders to provide a copy of the loan agreement to the consumer, including all the information about the lending transaction.
You can check the rules and regulations for Kansas City, MO, in the Statutes §16a-2-404 and §16a-2-405.
Installment Loans in Kansas City
Residents of Kansas City who need unsecured loans of more than $500 can request for installment loans. Like payday loans, consumers can send a loan request online through the lender's website. Also, they need to present the same documents required for payday loans.
In Kansas City, consumers can request installment loans up to $2,000. Consumers should pay back the loan in equal monthly payments. The loan term is up to 12 months. The interest rate varies based on the amount requested, the period, and the lender. However, the APR for installment loans in Kansas City is around 450%.
Requesting Title Loans in Kansas City
Kansas City residents can also request for car title loans if they own a vehicle. Unlike payday loans and installment loans, title loans are secured loans. Auto title loans are taken out against a consumer's vehicle and can be used in emergencies. However, it's important to note that the lender will gain possession of the car when a consumer defaults on the loan.
The maximum loan amount is $5,000, but there is no cap on interest rate costs. This means that lenders can charge high fees. In addition, Kansas City consumers cannot take out loans for less than 30 days and can only renew terms after paying 10% of their initial loan.
In Kansas City, title loan lenders should follow the state's Title Loans Law (Mo. Rev. Stat. §367.500-367.533) citation. In addition, there are regulations in place to protect consumers from predatory lending practices. For example, neither the lending party nor the consumer can waive their rights to bring suit if the other breaches their contract terms. Further, lenders cannot give out loans without a clear vehicle title, nor can they use "pawn" or "pawnbroker" terms.
Kansas City consumers can request for a title loan at a storefront lender or online. Consumers are typically required to present the following information:
- A state-issued ID or driver's license
- Title of the vehicle to be borrowed against
- Proof of income or bank statements
- Proof of residence
Consumers should note that lenders might also require a car inspection and proof of car insurance in some cases.
Our Favorite Kansas City, MO, Cash Advance and Payday Loan Companies
There are many reputable cash advance and payday loan companies in Kansas City, MO. Some of the most respected companies include Check Into Cash and Advance America.
Check Into Cash
Check Into Cash offers online installment loans, title loans, bill payment services, check cashing, reloadable prepaid debit cards, Western Union money transfers, and money order services. Kansas City residents can start a loan request online or in the store.
The lender offers payday loans ranging from $50 and $1,000 with APR over 300%. Check Into Cash is BBB (Better Business Bureau) accredited.
In comparison, Advance America provides payday loans up to $500, installment loans up to $3,000, and title loans up to $25,000. The company also offers additional financial services, such as Western Union money transfer and Visa prepaid cards. Financing from Advance America is accessible online and at their 10 Kansas City, MO locations.
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