Payday Loans in Turon, Kansas: Everything You Need to Know
If you’re in Turon, Kansas, and need some quick cash to cover an unexpected expense, you might be considering a payday loan. Payday loans are a popular option for many people, but it’s important to understand how they work and the regulations surrounding them before you decide to apply.
What is a payday loan?
A payday loan is a type of short-term loan that typically must be repaid by your next payday. These loans are designed to provide fast access to cash to help cover unexpected expenses or emergencies.
Are payday loans legal in Kansas?
Yes, payday loans are legal in Kansas. The state allows payday lenders to operate and provides regulatory oversight to ensure consumers are protected.
How much can you borrow?
In Kansas, payday loans are capped at a maximum of $500. Lenders are not allowed to make more than two loans to a borrower at one time, and the total amount of loans cannot exceed $500.
What are the fees?
The fees and interest rates on payday loans in Kansas are regulated by the state. Lenders can charge up to 15% of the loan amount in fees. For example, if you borrow $100, you could be charged up to $15 in fees. In addition, lenders can also charge a maximum interest rate of 36% on payday loans.
What is the repayment period?
The repayment period for a payday loan in Kansas is typically 7 to 30 days, depending on when you receive your next paycheck. You will need to repay the loan, including any fees and interest, in full by the due date.
What are the requirements to apply for a payday loan?
The requirements to apply for a payday loan in Kansas include:
- Being at least 18 years old
- Having a valid government-issued ID
- Having a steady source of income
- Having an active checking account
Interesting facts and statistics:
- According to the Kansas Office of the State Bank Commissioner, there were 326 licensed payday lenders in the state as of June 2021.
- The average payday loan in Kansas is $318, with an average fee of $49.10 per loan.
- In 2020, payday lenders in Kansas made 327,333 loans, totaling over $109 million in loan volume.
Apply now
TheGuaranteedLoans is a connector service that can help connect you with potential lenders for your payday loan needs. Fill out our online application to see if you qualify. Remember, we are not a direct lender, but we work with a network of lenders to help you find the loan that’s right for you.
Don’t let unexpected expenses stress you out. Consider a payday loan from a reputable lender in Turon, Kansas, and get the cash you need to take care of your financial needs.