Everything To Know About Payday Loans In Kansas

Payday Loans in Arizona

 

Obtaining a payday loan has never been easier, the modern consumer has a myriad of options to choose from. While a hopeful borrower can always drive to a store in person, many payday lenders will allow you to apply online! Say goodbye to long, winding lines and hello to same-day payday loans!

 

In Kansas, potential loanees can acquire many different types of payday loans, including the earlier-mentioned same-day payday loans and even no credit check payday loans. So long as the applicant is a resident and at least 18 years of age with proof of income and a bank account, they can apply. No matter the credit history, just about anyone can get themselves out of financial hardship with Kansas payday loans.

 

Available Loan Options in Kansas

Payday Loans

Payday loans are the quickest and smallest of the three loans. Having the least requirements, payday loans are the most likely to pay out swiftly. In Kansas borrowers can seek out a maximum of $500 and have a total of 30 days to pay it back, well within the national payday averages. Payday loans also never require collateral or a guarantor, allowing loanees the ability to get fast funds and maintain independence. Payday loans in Kansas are a wonderful means of covering any smaller, unforeseen expense that can be covered by the next paycheck: 

 

Law status Legal
MIN Loan Amount N/A
MAX Loan Amount $500
MIN Loan Term 7 Days
MAX Loan Term 30 Days
MAX APR 391%
Additional fees N/A
NSF fee Only one $30 fee is allowed if it was disclosed in the agreement 
Collateral or guarantor Not required
Number of simultaneous loans Borrowers may have no more than two outstanding loans at one time.
Cooling off period N/A
Rollover Prohibited 
Extension, repayment plan Prohibited
Default penalties N/A
Credit score requirements  Not required

 

Installment Loans

Installment loans work a little differently than payday loans. Installment loan amounts are larger than that of payday loans and can be repaid over a longer period of time. While payday loans can be repaid all at once, installment loans are meant to be repaid over several installment periods. Because borrowers repay installment loans in segments over a longer period of time, they have been known to improve credit scores.

 

Law status Legal
MIN Loan Amount $1,000
MAX Loan Amount $2,500
MIN Loan Term 3 months
MAX Loan Term 60 months
MIN APR 36%
Collateral or guarantor Not required
Credit score requirements N/A

 

Personal Loans

Personal loans allow Kansas borrowers the ability to withdraw the most amount of money out of the three, between $5,000 and $50,000! These clearly operate and function much differently than the average payday loan. The minimum alone is over ten times the maximum of a payday loan! To acquire such high dollar amounts, banks may require either collateral or a guarantor. At the very least they will more likely than not use credit history as a deciding factor in the approval process. While discussing credit history it is worth mentioning that paying back a personal loan on time can have a very positive effect on an individual’s credit score.

 

Law status Legal
MIN Loan Amount $5,000
MAX Loan Amount $50,000
MIN Loan Term 24 Months
MAX Loan Term 60 Months
MIN APR 5.99%
Collateral or guarantor Not required
Credit score requirements 580

 

Understanding the 5 Most Important Elements of Payday Loans in KS

  1. Legality

Payday loans are legal in the State of Kansas. Loanees may withdraw up to $500 and are allowed a maximum of 30 days to repay the loan. Borrowers are not allowed to have more than 2 loans at any given time. Lenders are allowed to charge up to 15% of the total amount of the loan for finance charges. Out of every state, Kansas has some of the more straightforward lending laws, namely 286.9-010 et seq.

  1. Alternatives of payday loans

While payday loans are a solid means of securing funds to cover last-minute expenses, there are some alternatives. Some people have friends or family that may be able to extend a helping hand in times of need. Charities are an option as many will cover the most essential bills with proof. Cash advances are a pricier option as they can have aggressive interest rates over a long period of time. If hospital debt is the issue, many clinics will work with clients to reconsolidate the balance and work on issuing lower monthly payments. Some credit unions offer low-interest loans but they may require a membership in order to apply. If you need less than $500 urgently and can cover it with your next paycheck, payday loans still are the best option.

  1. How it works

Payday loans in Kansas are simple to understand. In order to apply, hopeful borrowers will need the correct identifications and documents. Once the paperwork is gathered, borrowers can locate a lender and go over their options. Lenders loan out different amounts depending on your unique financial scenario. Once the loan amount and loan terms have been decided, the application should be ready. With the popularity of the internet many banks allow their prospective clients to apply online in a process known to take just a few short minutes! Once the application has been handled and approved, bankers can send the funds directly into your account! Once the money has been collected the borrower is free to repay the loan on their own terms, either early or at the maturity of the loan.

  1. Requirements

As mentioned previously, there are requirements to be eligible for a Kansas payday loan. First, any candidate must be both a resident of Kansas with valid identification and at least 18 years of age. Second, a hopeful loanee will need an active bank account, their social security number and proof of income. Proof of income is vital as it is a major deciding factor in the application process. Lenders will use it to decide not only if they are willing to approve the loan but for how much as well. Lastly, a purchaser needs to provide the banking institution with a physical address. Some banks may ask for contact information as well, usually an email address and a phone number. With the requirements complete you are free to apply for a payday loan in Kansas!

  1. An example of a loan fee

Loan fees in Kansas are straightforward and easy to understand. According to law 16a-2-404, lenders may charge no more than 15% per $100 borrowed. Doing some math we can deduce that borrowing $300 in Kansas will net you with a maximum repayment of $345. If you have insufficient funds payday centers are legally allowed to charge a one-time fee of $30.

How to Get a KS Payday Loan

Applying for a payday loan can seem like a daunting task, any time money is involved stress becomes a component. Many borrowers wonder what they would need to apply, how much they may get and how much they will have to pay back. Kansas payday loans are simple, all borrowers need are the right documents and identifications and they can begin the search for a financier. Once they’ve found their prospective business partner, they can look up all the rates and fees. In this article we’ve already discussed the absolute maximum charges so there can be no more surprises. Once a drawee has submitted the application, all they have to do is wait for the banker to approve the loan and deposit the funds. After the loan has been funded the newly paid borrower can either repay the loan early or repay it at the loan’s maturity!

 

FAQ

How many payday loans can you have in Kansas?

In Kansas a borrower may have up to two separate payday loans at any given time. With a payday lending limit of $500, a loanee can be in possession of $1,000 from multiple payday centers.

Can you have 3 payday loans at once?

No, borrowers can only have 2 loans at once in Kansas. Other states may not have this regulation but you must also be a resident of the state in which you wish to apply for a loan.

What can I use instead of a payday loan?

While payday loans are a great tool when it comes to surprise bills in between paychecks, there are certainly other options. If medical debt is the problem, many hospitals work with debt consolidators to create an affordable monthly payment program. Charities and nonprofits also have many programs designed to alleviate the stress of debt, simply bring a bill for something essential and they should be able to help you cover at least some of it. Some may be lucky enough to have friends or family in better financial straits than themselves. It may not be easy but asking for help could be an option as well. Finally, if purchasers have bad credit some banks will sell what are called bad credit personal loans. These loans work like payday loans in that they can be funded quickly but there are credit requirements involved. If you need cash today and don’t have credit or a wealthy aunt to rely on, Kansas payday loans are your solution.

How many payday loans can you have?

In Kansas, the maximum amount of payday loans any one person can have at a time is two. Borrowers can request a total of $1,000 in payday loans at any given time. Some states don’t have these regulations, but every state maintains that a hopeful loanee must be a resident of the state in which they wish to borrow.

 

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