Payday loans can be costly, so familiarize yourself with the fees before you borrow.
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.
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- Minimum loan amount: $500
- Maximum loan amount: $5,000
- Turnaround time: 1 business day
- Loan term: 9 to 36 months
- Must have direct deposit and meet minimum income requirements
Can I get a payday loan in Kansas?
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:
- Maximum Loan Amount: $500
- Loan Term: 7 to 30 days
- Financing fees: 15% of the principal
- APR: A 14-day $100 loan has an APR of 390%
- Collection fees: Lenders may charge one collection fee
What does Kansas not allow payday lenders to do?
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.
Compare payday loans in Kansas
Check the websites of any providers you’re interested in to confirm they operate in Kansas.
How can I apply?
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.
What are the pros and cons of taking out a payday loan in Kansas?
Before applying, you’ll want to weigh the benefits and drawbacks of this high-cost loan. Here are a few to consider:
Pros
- Qualify with bad credit. Even if you have less-than-perfect credit, many payday lenders could approve your application. They tend to consider your income in relation to the amount you want to borrow as more important.
- Low income is OK. You’ll need to demonstrate that you can afford to repay your loan. That being said, income requirements usually aren’t high for payday lenders in Kansas. Many don’t have a set minimum and others start at $800 per month.
- Fast turnaround. You could get your approved funds as soon as the next business day with some lenders. This depends on the time of day you apply and if any additional verification is needed.
Cons
- High costs. With a maximum APR limit of 390%, payday loans in Kansas could end up costing you over $100 in finance charges alone.
- Repeat borrowing. Many borrowers find themselves taking out loans multiple times as they depend on it for unexpected expenses. To avoid a payday loan cycle, consider ways to keep your debt down and have more free cash throughout the month.
Alternatives 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.
View more payday loan alternatives here