Editor's choice: OppLoans Installment Loans
- APR starting at 4.66%
- Funding as soon as the next business day
- Accepts fair credit
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When you’re in need of quick funding to get through a gap in the budget or an emergency expense, you may be thinking of taking out a payday loan. When you know how much you’ll need to spend to avoid too much debt, they can be a good option. Our page on the laws and regulations surrounding payday lending in Kansas will help you make the best decision for your budget.
Yes, you can apply for a payday loan if you’re a resident of Kansas. Loans are governed by Kansas Statutes § 16a-2-404 and -405.
Here are the terms your loan must follow:
Kansas law doesn’t permit rollovers or refinancing of your loan. Kansas law also doesn’t require lenders to provide a repayment plan, but you may be able to work one out if you ask your lender.
Check the websites of any providers you’re interested in to confirm they operate in Kansas.
Applying for a payday loan is a straightforward process. To qualify, you’ll have to be at least 18 years old, a citizen or permanent resident of the US and have a regular source of income.
Most lenders will also want you to supply your Social Security number to confirm your identity, and the application usually has questions regarding your employment, income and personal information.
If you’re applying online, you’ll likely need to provider your checking account number as well. This allows the lender to deposit the approved funds into your bank account and debit payments when they’re due.
Keep an eye out for changes in the coming years — while lenders may fight against it, a 36% APR is beneficial to consumers.
Before applying, you’ll want to weigh the benefits and drawbacks of this high-cost loan. Here are a few to consider:
It’s important to understand that payday loans are high-cost solutions to a short-term need for emergency cash. When you have ongoing financial issues, it may be better to look into some alternatives ways to get funding.
Kansas offers assistance through The Successful Families Program and the Kansas Department of Children and Families. Other options for quick funding include getting a cash advance from an employer or an active credit card, asking friends and/or family for help or simply negotiating with your creditors for lower payments.
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