Installment Loans in Florence, Kansas

Understanding Installment Loans in Florence, Kansas

If you’re struggling to make ends meet or have an unexpected expense pop up, it’s not uncommon to need a little extra financial help. Installment loans in Florence, Kansas can be a smart solution for those looking to take out a short-term loan with manageable payments. In this article, we’ll explore how installment loans work, their benefits, and some key information about installment loans in Kansas.

What are Installment Loans?

An installment loan is a type of loan that allows you to borrow a fixed amount of money and repay it over time with regularly scheduled payments. Unlike payday loans that require full repayment on your next payday, installment loans break up the amount owed into smaller, more manageable chunks. Installment loans usually come with a fixed interest rate, meaning your payments won’t fluctuate.

What are the Benefits of Installment Loans?

For those in need of quick and easy financial relief, installment loans can be a viable option with numerous benefits, including:

• Fixed interest rates that make for a predictable, manageable repayment plan.
• Flexible repayment periods that allow you to choose a time frame that works for your budget.
• Easy online application processes that let you apply from anywhere and get quick feedback on your loan request decision.
• No collateral necessary, meaning you can apply for an installment loan with no risk of losing assets.
• More significant amounts of cash available for those who need it.

Installment Loans in Kansas

Installment loans are legal and popular in Kansas. They are typically regulated by the state under the Kansas Statutes Annotated Section 16a-2-404. Installment loans in Kansas can be issued for anywhere between $250 up to $1,500. They are repaid over a period of six months to a year. The average APR is 400 percent, which is standard for short-term loans.

Prospective borrowers should note that Kansas law limits each borrower to up to two outstanding loans at a time. Additionally, a borrower cannot renew or roll over an installment loan, meaning they must pay off the loan in full before requesting another one. This is designed to protect consumers from getting trapped in a cycle of debt.

Interesting Facts and Statistics about Installment Loans in Florence, Kansas

• The median household income in Florence was $35,764, and the poverty rate is currently at 10.5 percent.
• In Florence, the median age is 53. This may explain why payday loans and installment loans are popular with the elderly population in the area.
• According to a report by the Kansas Attorney General’s office, more than 90 percent of storefront lenders in Kansas charged APR rates of over 300 percent in 2018.
• The report also stated that more than 200,000 consumers took out payday loans of $500 or less in the year surveyed.

Apply Now

Whether you need help paying a medical bill or making an unexpected repair on your car, getting an online installment loan in Florence, Kansas has never been easier. At TheGuaranteedLoans, we’re a connecting service that helps you get in touch with a lender who can provide you with the funds you need to get back on your feet. Our platform is secure and seamless, so you can get the cash you need without additional stress. For more information, fill out an application today, and one of our friendly loan specialists will be in touch soon!

When it comes to installment loans in Florence, Kansas, there’s no better resource than TheGuaranteedLoans. With years of experience, we’re committed to providing you with easy-to-understand information and connecting you with the best lenders in the business. Join our community of satisfied borrowers and start experiencing the benefits of installment loans today!