Do you know how much you can borrow through a payday loan in Kansas and how much you’ll have to pay?
A payday loan, also called a short term loan, can be useful to deal with an emergency cost or just to get through to your next paycheck. The need for payday loans in residents of Kansas is common. If you wish to find out how these loans work, read through the guide below.
Apply for a payday loan, installment loan or line of credit conveniently online and enjoy great customer service.
- Minimum loan amount: $200
- Maximum loan amount: $1,000 (unless otherwise stated)
- Turnaround time: As soon as 1 business day*, depending on your bank's policies
- Loan term: Varies by state
- Good credit not required
- Confidential and secure
- Must have a valid bank account, phone number and email address
- Must be 18+ years old and have a regular source of income
Are payday loans legal in Kansas?
Yes, payday loans in Kansas are legal. It is common for people to refer to these loans as payday advances and cash advances. Kansas Statutes 16a-2-404 and 16a-2-405 govern the functioning of all payday lenders in the state.
Kansas payday loans laws state that a lender cannot have more than two outstanding loans with a borrower concurrently. A payday lender cannot provide more than three loans to a borrower within a 30-day period. You cannot repay a payday loan using proceeds from another payday loan from the same lender.
The maximum you can borrow through a payday loan in Kansas is $500.
Are payday loans legal in Wichita, Kansas?
A selection of loans you could apply for in Kansas
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
Ways a Kansas payday loan may help you
Here’s why you might think about getting a payday loan:
- Various options. Since payday lending is legal in Kansas, you get a number of options to choose from. These include online and in-store direct lenders, as well as loan matching services.
- Easy process. You can complete a typical payday loan application in five to 10 minutes. Applying is easy, whether you apply in-store or online. With online applications, you can apply from anywhere as long as you have access to an Internet-connected device.
- Get funds quickly. Payday lenders don’t follow the same stringent application and underwriting processes as banks, which is why they’re able to process their loans faster. Some payday lenders can give you access to funds on the day you apply, or by the following business day.
- Poor credit is alright. Getting a conventional loan may not be possible if you have poor or bad creditworthiness. However, you can still consider applying for a payday loan, because payday lenders assess your current financial situation and ability to repay.
What fees and charges do Kansas payday loans come with?
When you get a cash advance in Kansas, you have to repay the amount you borrow as well as other costs. Here’s what Kansas payday loans laws say about finance charges:
- Maximum finance rate and fees. A payday lender cannot charge more than 15% of the advanced amount as fees. The maximum finance charge for a 14-day $100 loan is $15. The maximum APR of a 14-day $100 loan is limited to 390%.
- Collection fees. The lender can charge one non-sufficient funds (NSF) fee for failure to repay.
- Rollover fee. State laws do not mention any specific rollover fees. If you don’t repay the loan on time, the lender cannot charge more than 3% of the loan proceeds per month after the date of maturity.
How can I apply for a Kansas payday loan?
You can apply for a payday advance in Kansas online or by visiting a store-front. To apply, you’ll have to meet some basic eligibility criteria:
- You should be at least 18 years of age
- You should be an American citizen or a permanent resident of the US
- You should have a regular source of income
To complete your application successfully, prepare to submit some basic information:
- Your name, date of birth, social security number and a valid form of ID such as your driver’s license or passport
- Your residential address, email address and phone number
- Details about your employment and income
- If you’re applying online, details of your existing checking account
Important information about payday loans
While payday loans can be beneficial for some, they aren’t always the best option for everyone. Follow the link for more information on payday loan alternatives.
Have any more questions about Kansas payday loans?
How much time do I get to repay a payday loan in Kansas?
The minimum term is seven days and the maximum is 30 days.
Can I rescind a payday loan in Kansas?
Yes, you can, provided you do it before the end of business day following the day the lender disburses the funds.
Who should I contact to file a complaint about a payday lender in Kansas?
You should get in touch with the Office of the State Bank Commissioner.