Many consumers find our site after wasting hours on end looking for online companies that actually offer direct payday loans in Kansas City or in the entire state of Missouri for that matter. Once they get to our database of Missouri lenders they feel relieved because as least now they can choose from a list of lenders opposed to payday loan matching services. With that being said, there are still steps you need to take in order to get the best loan for your specific situation. Listed below we break down the steps you need to take in order to quickly apply for a loan and get the funds you need. At this time Missouri is a good state to live in if you’re looking for a decent variety of loan choices. Some cities such as Springfield and Kansas City have city regulations in place that regulate payday lending so check with your city before you apply for an online payday loan. Your payday loan options may change down the road but as of now these steps apply to the online lending environment as it is in early 2016.
First things first, you need to determine the type of loan you need. Are you looking for a short term loan just to get you by till the next paycheck? Or are you looking for high dollar loan that you can pay off over a matter of months instead of making just one payment. There are pros and cons with both these types of loans but ultimately you’ll want to pick the you need, not what you want. If you only need a few hundred dollars to get you to the next paycheck than that’s what you should get. The last thing you want to do is take on a loan that you can’t pay back. It’s fairly easy to get a payday loan or installment loan in Missouri but that also means there’s going to be predatory lenders just waiting for you to fall into their trap. We’ve seen Kanas City residents take out a loan for $300 only to have the amount due spiral out of control because they didn’t pay it off in full on the day it was due. Only take out a loan that you can pay back completely on the due date. We can’t stress this enough. Once you’ve determined the loan option that’s best for you, you’ll want to apply with any of the reputable direct lenders that offer loans in Missouri.
View our updated database of Kansas City payday loans here.
Some consumers like to apply for a loan in person at a retail location in Kansas City or any other big city in Missouri and some people prefer the convenience of applying for a loan online. Both options work and it’s up to you in regards to how you apply for the loan. After you decided to apply with a lender that best fits your need, you’ll next have to fill out a loan application. Most online applications take less than five minutes to complete and the questions are rather generic. You’ll likely be asked to detail your recent employment history as well as your personal information. Some lenders will also require you to scan or fax a copy of your drivers license or pay stub in order to prove your identity and work history. Additionally, some online lenders will require you to complete a phone verification where they may ask you subsequent questions about your employment or banking history. All these questions have a purpose as the lenders just want to make sure you can pay them back. Many of the verification questions are in place to determine if a consumer is being truthful and is who they say they are. The verification process can take anywhere from an hour to 24 hours depending on the lender. At this time Missouri has no uniform regulations regarding the application process but that may change down the road. Assuming you complete the online verification process and answer all the questions properly you should be well on your way to getting your loan. Most online lenders will require that you have a checking account as well as direct deposit. This enables the lender to send funds to your account within 24 hours and it also lets them debit your account on the day your loan is due. Some online lenders that have retail locations in Missouri will also give you the option of picking up your loan amount that same day at any of the brick and mortar stores. This means you can complete the entire application process and have cash in hand in less than one hour if you live near a retail location!
Hopefully the steps we’ve listed above have given you some insight into how the online lending process works. The good news is that you’ve made it this far and you can finally choose from a good list of direct payday lenders and direct installment lenders in Missouri. Try to be careful in selecting the lender and the loan amount that’s best for your situation. Ask yourself, “Do I really need a loan? Have I exhausted all my other financial options?” Can I find a personal loan or installment loan lender that provides loans in Kansas City? If you answer yes to any of those questions than a loan may be the best and only option for you. Just be sure that you can pay back your loan on the day it’s due!
Many of our site’s visitors have asked us if we have any tips or recomendations on the best ways to search for decent direct lenders in Missouri. Luckily we just finished up a new blogpost that touches on just that issue. Please read our latest article that gives tips on what to do when looking for payday loans Kansas City.