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Kansas Payday Loans
Do you need money immediately and cannot wait for that next paycheck? We are here to assist you in finding the right loan product when you just do not have the money available to pay your bills until your next paycheck. Loans Payday offers fast Kansas payday loans that are easy to obtain. Your only requirement is to apply for a loan and wait for the money to appear in your bank account within a few hours. Why are you still waiting?
Laws in Kansas Relating to Payday Loan Lending
Kansas allows for payday loans and that has created a thriving industry, but there are still laws in place to regulate the way the companies operate and offer Kansas payday loans in the state. Residents are limited to only one loan in the same time frame. The maximum amount of the loan is capped at $500, but borrowers are not limited on a minimum amount they can borrow. Loan terms are set at a minimum of seven days and a maximum of thirty days. Lenders are allowed to charge an interest rate of 15% and an annual percentage rate of 390%. When you take out a $100 loan, you are required to pay back the loan and $15 in interest rates and fees. Loan splitting where the loan is divided in half and then interest charged on both parts is illegal under the laws of the state, meaning that the interest rates and fees you will pay are reduced.
There are more than 358 companies offering Kansas payday loans in the state, which means you have ample choices. The city of Wichita alone has a minimum of 61 companies offering loans. Ten years ago when the industry first arrived in the state, there were only 36 Kansas payday loans lenders in the state.
It can be hard to find money when an unexpected or emergency situation arises. It is not always easy to get the money you need when you actually need it. Loans Payday is here to help you get that money you need when you live in Kansas and have a problem. As long as you have regular employment, you can borrow against your next paycheck to have an immediate solution to your problems. You can use the money for anything you need including paying a bill or buying something that you need. The only limits on what you can use the money for, is the limits of your own imagination.
Those who live in a different state can still find ways to solve their problems because we offer Kansas payday loan solutions to everyone living in the US. Difficult times call for serious solutions and that serious solution might just be the Kansas payday loan we are offering. We know how hard it can be, which is why we want to help. As long as you live in the United States, you can apply for a loan at LoansPayday.info and get the money you need now because we offer instant approval. We offer imaginative ways to handle those unexpected financial events that sometimes happen and we provide help to those who need extra money.
Once you try our services for yourself you will see just how easy we are to work with. We guarantee that you will have expert service and secured and private information. We believe in professionalism and think that all of our customers deserve a professional company. Once you fill out a LoansPayday.info application you can see how fast we approve you and just how fast you can get your hands on the money you need.
The Kansas House Bill No. 2812 regulates the operations of payday lenders working in the state. Payday loans are limited to $860 at a time and the fees cannot be based on a percentage of the loan amount. The charges are as follows:
$50 or less has an additional charge of $4.
For loans of $50 to $100 an administrative fee of $5 can be added and an 8% fee issued.
Loans amounting to $100 to $250 come with a 5% interest rate as well as a $5 administrative fee.
Loans of $250 or more will come with a $5 administrative fee as well as 4% of the total loan or $12.50, whichever is higher.
Term limits for Kansas payday loans are set at 30 days.
Loan splitting, where one loan is made into two loans and has charges on both loans is illegal in the state of Kansas. Any loan agreement created in the state must also come with the following statement in a minimum 10 point font:
"Notice to Borrower: Kansas law prohibits this lender and their related interest from having more than two loans outstanding to you at any one time. A lender cannot divide the amount you want to borrow into multiple loans in order to increase the fees you pay."
A lender is limited on the amount of interest they can charge in a single month, with 3% allowed on any balance of the loan that has not been paid. When the lender passes out a loan, they can also charge additional fees on a check that is returned due to insufficient funds in a person's account. That is according to the law set forth in the state of Kansas.
Kansas Unemployment Statistics
The unemployment rate in Kansas has varied over the last ten years from 3.1 percent to 6.1 percent. In January of 2005 the unemployment rate was 5.8 percent, but this number lowered slightly the following year to 5%. This means that over 73,000 people in the state did not have jobs at the time.