Kansas payday loan laws overview

The state of Kansas is named after the native American tribe Kansa which lived in the area. It is well known for its agricultural production which include corn, soybeans, wheat, sorghum and others. The state of Kansas is the 15th largest state in the US and with its population of more than 3 million residents, it is the nation’s 34th most populous state. Payday loans are something that really attracts the attention, as more and more borrowers from Kansas are using this type of loan to deal with their financial difficulties. Kansas payday loans laws are explained in this article. 

What is a payday loan?

Payday loans or cash advances are short-term loans which you should settle in full when you get your next payday.

Kansas payday loans laws regulations

Kansas payday loans laws regulations

Kansas payday loans laws regulations

Payday loan lending in Kansas is completely legal and can operate legally according to Kansas Statutes Annotated Section 16a-2-404. The state law regulates the operation of all lending companies in the state and in doing so sets a certain number of limitations. The length of any given payday loan in the state of Kansas must not be less than 7 days and more than 30 days, with no extensions allowed.

In the state of Kansas, a borrower cannot take out a loan exceeding $500. However, in Kansas, borrowers are allowed to take out as many outstanding loans as they wish to as there is no limit restricting the number of loans a borrower can take out. A payday lending company is not allowed to provide more than three loans to a borrower within a period of 30 days. All lending companies are obliged to keep track of all payday loans regarding their transactions.

Why taking out a payday loan in Kansas is sometimes helpful?

Kansas Payday loans can be more than helpful in many different situations, despite their risky reputation, they have lots of positives:

  • Application options

If you feel visiting and comparing different lending companies stores before deciding whether or not you want to apply for a payday loan, you can do that. But with Kansas payday loans, you also have the option to do research effortlessly by simply going online and visiting a lender’s webpage.

  • It’s an extremely fast service

Bad credit is irrelevant

Bad credit is irrelevant

Payday loans are always ready to meet your needs. If you want your money in a few hours or by the next business day (that’s the case if you apply online), there is not another lending service that can give you a faster solution than payday loans.

  • Bad credit is irrelevant

We all know that having bad credit makes it tough to get a loan, at least that is the case with most loans. Here’s probably the most attractive feature of payday loans – you don’t need to have a good credit score in order to apply for one. Most lending companies don’t care about your credit score, so you can put your worries about having a less than stellar credit score to rest.

  • Spend it as you deem fit

With payday loans, you can do whatever you want with it. That of course does not include anything illegal.

Fees and charges for payday loans in the state of Kansas

Before you take out a payday loan in Kansas, there are some things that you should be aware of.

  • APR

Collection fees

Collection fees

The annual percentage rate for a two-week $100 payday loan in Kansas cannot exceed 390%.

  • Fees and charges

In Kansas, lending companies are not allowed to charge more than 15% on a $100 loan two-week loan.

  • Collection fees

In case you fail on a payment, in the state of Kansas, payday loan lenders are allowed to charge one NSF fee

  • Rollovers

Kansas payday loan laws do not say anything specific with regards to rollover fees. If you fail to repay the payday loan on time, the lending company does not have the right to charge more than 3% of the loan proceeds per month after the date of maturity.

Payday loans application and eligibility in the state of Kansas

Payday loans application

Payday loans application

Even though payday loans are very easy to obtain, there are still some eligibility criteria:

  • You must be at  least 18 years of age
  • You need to be an American citizen a permanent resident of the United States
  • You need to show you have a steady monthly income

You must also provide the following:

  • Your social security number, name and date of birth
  • Phone number, home and email address
  • Details regarding your employment status and income

Cities in Kansas where you can find payday loan lenders:

  • Arkansas City
  • Atchison
  • Bonner Springs
  • Clearwater
  • Coffeyville
  • Dodge City
  • Emporia
  • Fontana
  • Garden City
  • Gardner
  • Great Bend
  • Hays
  • Horton
  • Hutchinson
  • Independence
  • Junction City
  • Kansas City
  • Lawrence
  • Leavenworth
  • Lenexa
  • Liberal
  • Lyndon
  • Maize
  • Manhattan
  • Mcpherson
  • Mission
  • Newton
  • Olathe
  • Overland Park
  • Paola
  • Pittsburg
  • Salina
  • Shawnee
  • Shawnee Mission
  • Topeka
  • Wakeeney
  • Wamego
  • Wathena
  • Wichita
  • Winfield

Alternatives to payday loans in Kansas

Payday loans are quite flexible and so they are useful in many situations. However, they are not your only option. Here are some alternatives:

  • Ask a family member or a friend to lend you a small amount;
  • See what are the terms your bank is offering you for a loan and whether that matches the payday loan;
  • See if you can get an advanced payment from your employer;
  • See if it is possible to get more time from the creditors.