Payday Loans in Cedar, Kansas

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No payday loan companies in Cedar, KS. Consider companies in other cities:

Company nameAddressZip codePhone number
Perfect Payday Loan 6709 W 119th St, Overland Park, KS 66209 +1 (866) 829 - 4551
Advance America 6171 E 13th St N, Wichita, KS 67208 +1 (316) 684 - 8900
Union State Bank 527 N Main St, Newton, KS 67114 +1 (316) 283 - 1700
Golden Plains Credit Union 475 State St, Phillipsburg, KS 67661 +1 (785) 543 - 5267
First Bank Kansas 1333 W Crawford St, Salina, KS 67401 +1 (785) 825 - 2211
Landmark National Bank 102 S 6th St, Osage City, KS 66523 +1 (785) 528 - 3112
GardaWorld 2018 S Kessler St, Wichita, KS 67213 +1 (316) 942 - 9700
Labette Bank 2805 N Broadway, Pittsburg, KS 66762 +1 (620) 230 - 0300
Check n Go 3129A S Seneca St, Wichita, KS 67217 +1 (316) 554 - 8095
Goppert State Savings Bank 1250 E Logan St, Ottawa, KS 66067 +1 (785) 242 - 6777

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Cedar, KS, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Salina, KS, Payday Loans in Shawnee, KS, Payday Loans in Topeka, KS, Guaranteed Loans in Wichita, KS, Payday Loans in Hutchinson, KS, Guaranteed Loans in Kansas City, KS, Payday Loans in Lawrence, KS and No Credit Check Loans in Leavenworth, KS. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Cedar, KS.

Payday Loans Available in Cedar, KS By The Following ZIP Codes:

67628

Are Payday Loans Legal In Cedar, Kansas?

Loan Rates and Fees, Laws and Regulations in Kansas.

Payday loans made to Cedar, Kansas residents may only be for $500 for the first loan and $300 for each additional loan. The lender must give a monthly statement in which the borrower will see how much money was borrowed, how much was repaid, and how much the total cost of the loan is. The Kansas Finance Charge on payday loans is a standard $15 per $100 borrowed. The APR for payday loans in Cedar, Kansas is 391%.

Multiple payday advances are not allowed and banks cannot make loans to the same borrower for more than $500 on the borrower’s written agreement. There must be at least 7 days between successive loans and the lender must return a payment made before deducting finance charges if the lender could not reasonably have expected the advance to be paid.

Kansas Loan Regulations

Legal StatusLegal
Interest Rate (APR, %)391
Maximum Loan Amount$500
Minimum Loan Term7 days
Maximum Loan Term30 days
Number of Rollovers AllowedNot specified
Finance Charges15% of the amount advanced

Cedar, KS payday loan calculator

Introduction

When unexpected expenses arise, sometimes we need a financial boost to get us through until the next paycheck. Payday loans, available in Cedar, Kansas, can be a solution to bridge that gap. However, before making such a decision, it’s critical to understand the details of these loans, including their legal status, benefits, risks, and alternatives.

Legal Status of Payday Loans in Cedar, Kansas

In Kansas, payday loans are legal under the Kansas Statutes Annotated Section 16a-2-404.

These laws are designed to protect consumers by limiting the amount of money they can borrow, capping interest rates and fees charged, and setting forth repayment terms and penalties for defaulting on the loan.

Benefits of Payday Loans

When used responsibly, payday loans can be a helpful tool to get the money needed quickly.

  • Easy application process: payday loans usually have a simple application process that can be done in person, online, or by phone.
  • Quick approval: the approval process is usually quick and can take as little as 15 minutes.
  • No credit check: bad credit history is not usually a barrier to getting approved for a payday loan.
  • Flexibility: the borrower can choose the loan amount and repayment period according to their needs.

However, it’s essential to note that these benefits only apply when the borrower takes responsibility and uses the loan as intended.

Risks of Payday Loans

Payday loans can also present some significant risks when not used correctly.

  • High-interest rates: due to the short-term nature of the loan and the risk involved, payday loans usually carry very high-interest rates, which can lead to a cycle of debt for the borrower.
  • Debt traps: when the borrower can’t afford to pay back the loan, they may have to take out another loan to cover the original loan, creating a cycle of debt that’s difficult to break out of.
  • Unscrupulous lenders: although there are laws in place to protect the borrower, some lenders may still engage in deceitful and abusive practices, such as charging excessive fees or threatening the borrower with legal action.

Therefore, it’s crucial to read the loan agreement carefully, understand the terms and conditions, ask any questions, and only borrow what you need and can afford to repay.

Alternatives to Payday Loans

If you’re considering a payday loan, it’s worth exploring other options that may be more affordable and less risky.

  • Borrowing from friends and family: if possible, borrowing money from a friend or family member can be a preferable alternative to payday loans.
  • Credit cards: depending on your credit score, using a credit card can be a more affordable option than payday loans.
  • Emergency assistance programs: some nonprofit organizations, churches, and community groups offer emergency assistance programs that can provide financial aid for specific needs.
  • Personal loans: if you have decent credit, personal loans from reputable lenders or credit unions can provide affordable alternatives to payday loans.

By exploring alternatives to payday loans, you can avoid the risks associated with these loans and safeguard your financial well-being.

Interesting Stats and Facts About Payday Loans in Cedar, Kansas

  • The maximum payday loan amount in Kansas is $500, and the term cannot exceed 30 days.
  • The maximum finance charge for a $100 payday loan for two weeks is $15.
  • In 2019, the Consumer Financial Protection Bureau (CFPB) proposed a rule to repeal the payday loan rules established by the previous administration in 2017, which aimed to protect consumers from abusive payday lending practices.
  • A 2017 study by Pew Charitable Trusts found that the average payday loan borrower takes out eight loans a year and spends an average of $520 in interest and fees to borrow $375.

Apply Now

If you find that a payday loan is right for you, TheGuaranteedLoans can help by connecting you with potential lenders. Fill out our simple online application, and we’ll match you with the best options for your needs. Remember that we are a loan connector service and not a direct lender, and we don’t charge any fees for our service.

Conclusion

Payday loans can be a helpful tool to get through a financial emergency if used responsibly. However, it’s essential to understand the legal status, benefits, risks, and alternatives before making a decision. By being aware of all the options available, you can make an informed choice that safeguards your financial well-being.

F.A.Q.

Are there any resources available to help me avoid taking out a payday loan in Cedar, Kansas?

Yes, there are resources available to help you avoid taking out a payday loan in Cedar, Kansas. For example, you can contact a credit counseling agency for advice on managing your finances and finding alternative sources of funding. You can also explore options for emergency assistance from nonprofit organizations or government programs.

What are payday loans in Cedar, Kansas?

Payday loans are short-term, high-interest loans that are typically used to cover unexpected expenses or emergencies.