Payday Loans: Funding Options in Cambridge, Kansas
If you need money to tide you over until your next paycheck, a payday loan may be an option. While payday loans can provide fast cash, they come with high fees and should only be used as a last resort. Fortunately, Cambridge, Kansas residents have several payday loan options available.
How do Payday Loans Work?
In Cambridge, Kansas, payday loans are small-dollar, short-term loans with high-interest rates. They are designed to help people bridge the gap between paychecks. Payday loans are typically due in full on the borrower’s next payday and can be used for any purpose.
To get a payday loan in Cambridge, Kansas, you must have a steady income, an open checking account, and a valid government-issued ID. Most lenders also require borrowers to be at least 18 years old.
What are Payday Loan Fees?
Payday loans are notorious for their high fees. In Cambridge, Kansas, payday lenders can charge up to 15% of the loan amount as a finance charge. For example, if you borrow $100, you could be charged up to $15 in fees. If you are unable to repay the loan on time, additional fees and interest can pile up quickly.
It’s essential to read the terms and conditions carefully before accepting a payday loan. Make sure you understand all the fees and costs associated with the loan.
Payday Loan Options in Cambridge, Kansas
Cambridge, Kansas residents have several payday loan options to choose from, including:
- Advance America – offers online and in-store payday loans up to $500.
- Check Into Cash – offers online and in-store payday loans up to $500.
- Speedy Cash – offers online and in-store payday loans up to $2,000.
Benefits of Payday Loans
Payday loans can have some benefits for people who need cash quickly. They can:
- Provide fast cash when you need it.
- Help you avoid costly late fees and overdraft charges.
- Be used for any purpose.
Drawbacks of Payday Loans
While payday loans can be helpful in some situations, they come with some significant drawbacks, including:
- High fees and interest rates.
- Can trap borrowers in a cycle of debt.
- May be difficult to repay on time.
- Can damage your credit score.
Interesting Facts and Statistics
- The average payday loan amount in Kansas is $300.
- The maximum loan term for payday loans in Kansas is 30 days.
- In 2019, Kansas residents took out 685,000 payday loans, totaling over $267 million.
- Kansas has some of the highest payday loan fees in the country, with interest rates of up to 391%.
Apply Now
If you need fast cash, TheGuaranteedLoans can help you find a payday loan lender in Cambridge, Kansas. We are a connection service, not a direct lender, and we can help you get connected with a potential lender quickly and easily. Our online application is simple and secure. To get started, click the apply now button below.
Remember, while payday loans can be helpful in some situations, they come with high fees and should only be used as a last resort. Make sure you understand the terms and conditions carefully before accepting a payday loan.