Kansas Payday Loans
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 Kansas payday loan. When you know how much you’ll need to spend to avoid too much debt, it can be a good option. Discover the laws and regulations surrounding payday lending in Kansas will help you make the best decision for your budget.
Are payday loans legal 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. Kansas has a $500 limit on payday loans offered in the state. The minimum loan term is 7 days; the maximum loan term is 30 days. The finance charges should not exceed $15 of the amount advanced. Real APR is 390%*. Criminal actions against borrowers are prohibited.
Here are the terms your loan must follow:
- Maximum loan amount. The maximum loan amount for Kansas residents is $500.
- Loan term. Minimum 7 days – Maximum 30 days.
- Financing fees. 15% of the principal.
- APR. A 14-day $100 loan has an APR of 390%.
- Rollovers. None.
- Collection fees. Lenders may charge one collection fee.
Advantages of taking out a payday loan in Kansas
Before applying, we’ve rounded up some advantages of payday loans. Here are a few to consider:
- 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 approval. 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.
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 provide 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.