Need a payday loan in Kansas? Learn more about your options here!
There are tons of cash based loans available in the United States. These loans are specifically for people who are in need of money as quick as possible and also for those who have a bad credit score, which means, they cannot obtain a long-term, lower interest rate loan from their bank because their request would be instantly turned down.
Many lenders who abuse the situation, ask for a too high interest rates. This may end up borrowers getting into serious trouble, taking obligation to pay back often 4-5 times more than they have originally borrowed. That’s why anyone considering getting a quick financial help look for all other options or a real honest lender who does not charge high rates and offers loans on good conditions.
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What are the payday loan laws and regulations in Kansas?
If you are a resident of Kansas State you can opt for getting a payday loan. These loans are governed by the following state law: 16a-2-404 and -405. The law specifies a couple of conditions to payday loans. It is also important to add that the state is about to pass an addition that would govern the maximum amount of APR rates and keep them under 36%.
- The maximum amount of payday loan: USD 500
- The term of a short term loan can fall in-between 7 and 30 days
- APR generally 390% but it is still up to the lender
How much can you be charged by a payday lender in Kansas?
Lenders have the right to charge a collection fee that’s one single sum defined by them. This sum is generally between USD 15 and 25. The maximum amount of the additional charge is 15% of the total sum borrowed.
Your rights as a borrower in KS
Lenders in Kansas State too make it very easy for everyone over 18 years of age, holding a proper proof of being employed and getting a regular salary to apply for a short term cash loan such as payday loan.
Borrowers will also need to have a Social Security Number, your ID and access to a bank or a checking account from where segments of the borrowed sum are to be paid or to be deducted depending on how the lender and the borrower agreed.
The borrowers also need to be aware that there are tons of companies who offer payday loans both online or offline. Most of these companies cannot be traced back legally. Therefore if you want to apply for a payday loan check for a local company that’s old enough to be trusted and trusted enough to be tracked holding an official license.
Beware of pawn companies and those who ask for a very high interest rate. Also check out for other options which are all available for you, if your credit score is fine your bank would be the best option for you to apply for credit and this is the cheapest and safest way possible.