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Payday Loans in Kansas


Payday loans have earned a sick reputation of money-draining traps with sky-high interest rates. Many Americans claim that payday loans are designed to predate borrowers in financial troubles to make most of them. However, once you go to a legitimate lender, you will understand that “the devil is not so black as he is painted.”

You can take advantage of short-term emergency loans and handle your financial troubles quickly and securely. By filling out your loan application online, you boost your chances to qualify for a cash loan since you may work with multiple lenders.

 

Payday Loans in Kansas. What do you Need to Know?

 

A payday loan is a type of short-term unsecured credit meant to help you manage monetary needs. These loans are easy to get most times, but it's not a wise decision to take out a payday loan if you are not heavily blown by an emergency. Most payday lenders don't perform credit checks to measure your reliability. So holding bad or no credit may not be a major obstacle.

Payday loans are typically due in full upon your next paycheck, in two to four weeks. These loans are paid back in a single payment (partial payments are not allowed). If you are behind on your payment or your loan is in default, you can renew your debt. Credit renewal also referred to as a rollover, is not recommended as you may end up paying more in interest and renewal fees. 

 

Is Getting a Payday Loan a Right Option? 

 

Picking up payday loans is a good solution only if you plan to settle your debt in a short period. The payday loan is not designed for long-term credit needs; thus, consider whether you can pay it back until your next paycheck arrives.

 

Emergency Loans for Bad Credit

 

In conventional banking, your reputation equals your ability to pay off the debt that is being tracked based on your credit reports. The information stated in a credit report is the main background of determining your credit and considering whether to approve or not your application. Actually, this is the major stumbling block for those with poor or no credit when they want to take out extra advances.

With Loanplaces, you may forget about the struggle of having bad credit, thus facing difficulties while applying for a loan. Most lenders available to connect through our network accept bad credit borrowers and employ no credit checks to determine your credibility. Obtaining extra advances with bad credit is not impossible as soon as you know whom to rely upon. 


Handy Advice for First-Time Borrowers

 

A payday loan is a temporary financial relief aimed to help overcome your temporary financial difficulties. The maximum available amount can be between $100 and $2500, depending on the state of your residence. For instance, in Kansas, $500 is the maximum available amount you may get from payday lenders. However, you also need to consider that the loan amount depends on your financial state and credibility status.

Attention

As a result of changes CFPB has made, from July 2020 the lenders don't have to check if the borrower is able to repay the loan. Thus, we encourage you to be careful and make sure you can afford the loan before applying.


Regulations of Payday Loans in Kansas
Status     Legal
Annual Percentage Rate (APR)     391%
Minimum Loan Amount     N/A
Maximum Loan Amount     $500
Minimum Loan Term     7 days
Maximum Loan Term     30 days
Number of Rollovers Allowed     N/A
Finance Charges     15% of the amount advanced
Cooling-off Period     N/A

Useful Sources

Real interest rate map /PDF/ of payday loans in the United States calculated on a typical loan.

Payday loans regulation /PDF/ by state 2020.

More legislative information about Kansas payday lending is provided by the Kansas Legislative Research Department.
The Consumer Financial Protection Bureau (CFPB) makes the financial marketplace work more effectively and educates consumers to help them take more control over their financial lives. Click here to learn more.
Kansas Statutes §16a-2-404 and §16a-2-405 contain all the information about payday lending and regulate the operation of all lending companies in the state.


[ Updated on 05-Aug-2021, 19:06 ]

We've been in the industry for more than six years.