Payday loans promise a quick influx of funds without a credit requirement. This makes them seem like an enticing option for fast cash, but beware. The downside is that payday loans charge excessive fees and high APRs. They can be hard to pay off and many borrowers end up falling into debt or hurting their credit scores.
Payday loans are legal in Missouri. However, with APRs that can reach as high as 1950%, they are hardly the best option for borrowing money. The good news is that you don’t need to settle for overly expensive and dangerous payday loans. There are other lending options that are cheaper, safer, and don’t require credit checks. We’ll review the best alternatives in our guide to payday loans in Kansas City.
How To Get a Cash Advance in Kansas City, MO
Payday loans are predatory loans that should be avoided at all costs. If you find yourself in a situation where you need cash, we recommend looking into alternatives like local non-profits, charities, churches, government assistance programs, community help, and more. Another good idea is to consider cash advances, which can often be safer and cheaper than payday loans. Here’s our take on the best cash advances in Kansas City, MO.
Instacash
Max Advance Amount: $250
APR: 0%
Credit Affects: None
Need a quick influx of cash without a credit score requirement? Chances are, your most affordable option is Instacash. Instacash is a 0% APR from MoneyLion that gives you access to extra cash and lets you pay it off without interest charges. That’s right. With Instacash you won’t have to pay back any more than the amount you’ve originally received – which is a major difference from payday loans.
You can get up to $250 and pay it off when you get your next paycheck. Your money will deposit into your RoarMoney checking account or another bank account in a couple of days at no charge to you. However, if you want to receive your funds immediately, you can opt for a small fee for instant deposits.
How to Qualify:
- 18 years old or older
- Bank account with consistent deposits and a positive balance
- Bank account that’s been open for at least 60 days
In-Person Lender Payday Loan Lender
Max Payday Loan Amount: $500
APR: As high as 1950%
Credit Affects: Some payday lenders won’t pull your credit but will still report you to credit bureaus if you are late.
You can find payday lenders online or in-person. Different lenders will have different requirements and terms, so it’s important to read through the information and understand the loan obligations. Payday lenders will typically offer you a timeframe within 14 to 31 days in which the loan has to be repaid. On the due date, you will need to pay back the original amount you’ve borrowed as well as interest charges – which can be very expensive.
If you are unable to pay back everything you owe on the due date, you might face additional fees, penalties, and harm your credit score. The interest charges and fees on payday loans have a tendency to build-up – making them more and more expensive to repay over time. It’s easy for people to get stuck in debt and severely harm their finances. For this reason, payday loans are not a recommended short-term lending solution. You can read more about payday loans in Kansas City here.
How to Qualify:
- 18 years old or older
- U.S. citizen or permanent resident
- Proof of income or consistent deposits
- Personal information
- Valid I.D.
- Active bank account
Instant Loan Options in Kansas City, MO
Cash advances are one to access easy, inexpensive, and fast cash. Instant loans can be another great choice and a safer alternative to payday loans. Take a look at our top choice for instant loans in Kansas City.
Credit Builder Loan
Loan Amount: You could qualify for up to $1,000
Credit Affects: Most MoneyLion Credit Builder Loan users will see their credit score boost by 60 points in as little as 60 days!
A Credit Builder Loan is designed to let you borrow money even if you have bad credit or no credit history at all. Payday loans allow you to do this as well, but they will charge you excessive interest rates and other fees. A Credit Builder Loan is different because it comes with a low APR. These loans are made to help you build your credit over time, not prey on your financial situation.
MoneyLion offers a Credit Builder Loan that lets you access funds at competitively low APR. MoneyLion will also provide you with financial resources to empower you to stay on top of payments. Plus, the process for qualifying is simple.
How to Qualify:
- 18 or older
- U.S. citizen or permanent resident
- Personal information
- Active bank account, debit card, or another card you can use to make payments
- NO credit checks and or credit history required!
What’s Included?
- Get approved within minutes for a loan up to $1000
- Weekly credit updates
- Opportunity to improve your credit score
- Additional Instacash benefits
- 12-month loan term with affordable payments and low APR
- Credit Reserve Account – This account holds some of your funds to help you save while you’re building up credit
Comparing Your Cash Advance Loan Options in Kansas City
Looking for an easy way to compare your options? Here’s what you can expect from different short-term lending solutions in Kansas City.
| Instacash | Credit Builder Loan | In-Person Payday Lender | |
| How Much Can You Get? | $250 | $1,000 | $500 |
| Fees & Interest | Free 0% APR | Competitive APR, $19.99/month fee | Up to 1950% APR |
| Impacts Your Credit? | No | Yes, it builds your credit score. | Potential to harm your credit but not improve it |
| Availability | Online & Mobile | Online & Mobile | Online & Mobile |
| Wait Time | Instantly* | Instantly | Usually the next business day |
| Next Steps | Sign Up | Sign Up |
Say No Predatory Payday Loans in Kansas City
Don’t fall prey to payday loans that can cause more financial stress. Payday loans oftentimes hurt more people than they help. They can harm your credit score, put you into deep debt, and some lenders will even harass you if you don’t meet their requirements. MoneyLion is designed to be a safe alternative to payday loans and a long-term solution for financial health.
MoneyLion offers low-cost, fast lending options and additional financial products as well. There’s an investment account and an online checking account with special perks like early paycheck deposits and cashback rewards. There are also financial tracking reports that can help you budget, optimize your cash flow, and stay on top of your financial goals.
All in all, MoneyLion is a one-stop-shop for taking charge of your financial future!
