Payday Loans in Dorrance, Kansas

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

Company nameAddressZip codePhone number
First Option Bank Horton 1505 Central Ave, Horton, KS 66439 +1 (913) 557 - 0800
TIAA Financial Services 7101 College Blvd Suite 350, Overland Park, KS 66210 +1 (866) 842 - 8604
Montezuma State Bank 209 N Aztec St, Montezuma, KS 67867 +1 (620) 846 - 2221
Home Bank & Trust Co 217 N Main St, Eureka, KS 67045 +1 (620) 583 - 5516
Credit Union of America 4708 10th St, Great Bend, KS 67530 +1 (620) 792 - 2554
Legacy Bank 388 Anderson Ave, Andale, KS 67001
Centera Bank 2200 N 14th Ave, Dodge City, KS 67801 +1 (620) 227 - 6370
Benjie's Auto Sales 1816 S 4th St 3933, Leavenworth, KS 66048 +1 (913) 772 - 0993
Sunflower Bank 740 N Main St, Russell, KS 67665 +1 (785) 483 - 6322
Western State Bank 815 Center, Goodland, KS 67735 +1 (785) 899 - 2393

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Dorrance, KS, you can try to find different companies in big cities near by. Check out the following pages here: Same Day Loans in Lawrence, KS, Quick Loan in Leavenworth, KS, Same Day Loans in Leawood, KS, Payday Loans in Lenexa, KS, Short-term Loans in Manhattan, KS, 24-Hour Loan in Olathe, KS, Payday Loans in Overland Park, KS and Payday Loans in Salina, 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 Dorrance, KS.

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

67634

Are Payday Loans Legal In Dorrance, Kansas?

Loan Rates and Fees, Laws and Regulations in Kansas.

Payday loans made to Dorrance, 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 Dorrance, 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

Dorrance, KS payday loan calculator

Payday Loans in Dorrance, Kansas: Everything You Need to Know

Are you facing a financial emergency in Dorrance, Kansas, and need cash urgently? Maybe you have unexpected bills, car repairs, or medical expenses that you can’t cover with your current income. If so, payday loans could be a viable option to help you tide over until your next paycheck arrives.

In this article, we’ll provide you with a comprehensive guide to payday loans in Dorrance, Kansas. You’ll discover what payday loans are, how they work, the legal framework governing their use in Kansas, and some of the benefits and risks associated with them.

What are Payday Loans?

A payday loan is a short-term, high-interest loan that borrowers take out to cover their immediate expenses until their next paycheck. Usually, payday loans are for small amounts, typically ranging from $100 to $1000, and have a repayment term of two to four weeks.

The main feature of payday loans is that they come with high interest rates, fees, and charges that make it quite expensive to borrow. The average annual percentage rate (APR) of a payday loan in Kansas is around 391%, which means that if you borrow $100 for two weeks, you’ll have to repay $115-$130 at the end of the term.

While payday loans can help you during financial emergencies, they are not a long-term solution since they can become a debt trap if you don’t pay them back on time. So, it’s essential to only borrow what you can afford to repay and understand all the terms and conditions of the loan before signing the agreement.

The Legal Framework for Payday Loans in Kansas

Payday loans are legal in Kansas, but there are rules and regulations governing their use to protect consumers from predatory lending practices. According to Kansas law, payday loans cannot exceed $500, and the repayment term cannot be more than 31 days. Kansas law also requires payday lenders to:

  • Not charge more than a 15% interest rate and a finance fee of up to $15 for every $100 borrowed.
  • Not allow borrowers to take out more than two loans at any given time.
  • Provide borrowers with a written loan agreement that spells out all the loan terms, including the APR, fees, and charges.
  • Not accept collateral or post-dated checks as a condition for the loan.
  • Not pursue criminal charges against borrowers who default on their loans.

If you have any complaints about a payday lender or think they are violating the rules and regulations, you can file a complaint with the Kansas Office of the State Bank Commissioner.

The Pros and Cons of Payday Loans

Payday loans have both benefits and risks that you should consider before taking them out. Here are some of the pros and cons:

Benefits:

  • Quick and easy access to cash: Payday loans are easy to apply for and get approved, usually within a few minutes or hours.
  • No credit check: Unlike other loans, payday lenders don’t require a credit check to approve your loan. So, you can still get a loan even if you have a bad credit score.
  • Convenient repayment terms: Payday lenders deduct the loan amount and fees directly from your checking account on the due date, making it easy to repay the loan.

Risks:

  • High costs: Payday loans come with high interest rates, fees, and charges that can make it challenging to repay the loan on time and lead to debt traps.
  • Debt trap: Rolling over or renewing payday loans can lead to a cycle of debt that becomes hard to break free from.
  • No consumer protection: Payday loans are not subject to the same consumer protection laws as traditional loans, meaning that lenders can take advantage of borrowers with hidden fees and charges.

Interesting Facts and Statistics about Payday Loans in Dorrance, Kansas

Here are some verified facts and statistics about payday loans in Dorrance, Kansas:

  • In 2019, Kansas had 246 payday loan companies operating in the state, with a total of 836 stores.
  • The average loan amount in Kansas was $373, and the average APR was 391%.
  • In 2020, the Kansas Legislature passed several bills to amend the state’s payday lending laws, including increasing the loan amount cap to $1000 and extending the repayment term to six months.

Apply Now

If you need a payday loan in Dorrance, Kansas, TheGuaranteedLoans can help you connect with legitimate lenders who offer flexible terms and competitive rates. Our online application process is fast, secure, and convenient, and you can get approved in minutes. Plus, we don’t charge any fees, and our services are available 24/7.

Note that TheGuaranteedLoans is not a direct lender but a loan connector service that helps you find the best loan options available based on your needs and preferences. We work with a network of reliable lenders who comply with all the state and federal laws and regulations governing payday loans in Dorrance, Kansas. So, you can be sure that you’re dealing with reputable lenders.

In Conclusion

Payday loans can provide you with quick and easy access to cash during financial emergencies. However, they come with high interest rates, fees, and charges that can make them expensive to borrow and put you in a cycle of debt. It’s essential to borrow only what you can afford to repay and understand all the loan terms and conditions before signing the agreement.

If you need a payday loan in Dorrance, Kansas, TheGuaranteedLoans is here to help you. Apply now and get connected with reliable lenders who put your financial wellbeing first.

F.A.Q.

Are payday loans in Dorrance, Kansas regulated?

Yes, payday loans in Dorrance, Kansas are regulated by the Kansas Office of the State Bank Commissioner. Lenders are required to follow specific rules and regulations, including maximum interest rates and fees.

Can I renew or extend my payday loan in Dorrance, Kansas?

in Dorrance, Kansas, payday loans cannot be renewed or extended. If you are unable to repay your loan on the agreed upon date, you may be able to work with the lender to come up with a repayment plan.