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Business Loan Installment Loans in Leon, Kansas: Everything You Need to Know
Installment loans are a popular way for people to get the extra cash they need to cover unexpected expenses or make large purchases. In Kansas, including in Leon, installment loans are legal and regulated by state laws. If you’re considering an installment loan in Leon, Kansas, here’s what you need to know.
What is an Installment Loan?
Installment loans are a type of loan where the borrower receives a set amount of money and agrees to pay it back in regular installments over a period of time. These types of loans are often used to cover expenses like car repairs, medical bills or home improvements. Unlike payday loans, which are typically due in full on the borrower’s next payday, installment loans are paid back over time with interest and fees added to each payment.
How Do Installment Loans Work in Kansas?
In Kansas, installment loans are legal and regulated by the Office of the State Bank Commissioner. Loans of up to $500 can be made for terms of seven to 30 days, while loans of $501 to $2,500 can be made for terms of up to 12 months. Lenders can charge interest rates of up to 15% on the first $1,500 borrowed, and 10% on anything above that amount. Fees are also capped at 15% of the principal amount of the loan. Borrowers can only have two outstanding loans at a time.
Benefits of Installment Loans in Leon, Kansas
- Flexible repayment terms – Borrowers can choose a repayment plan that suits their budget and financial needs.
- Quick funding – Many lenders can provide same-day funding to approved borrowers.
- Accessibility – Installment loans can be easier to qualify for than other types of loans, as they often require less stringent credit requirements.
Drawbacks of Installment Loans in Leon, Kansas
- Higher interest rates – As with any loan, installment loans come with interest rates and fees that can make the loan more expensive over time.
- Risk of default – Borrowers who miss payments or default on their loans can face fees, damage to their credit scores, and even legal action.
- Potential for debt cycles – Borrowers who take out multiple loans or continuously renew their loans can become trapped in a cycle of debt.
Interesting Facts and Statistics About Installment Loans in Leon, Kansas
- According to the state’s Office of the State Bank Commissioner, there were over 16,000 licensed pawnbrokers, payday lenders, and installment lenders in Kansas in 2019.
- The Pew Charitable Trusts reports that the average borrower takes out eight payday or installment loans of $375 each per year and spends $520 on interest.
- A 2019 report by the Kansas City Federal Reserve found that installment loans comprise over 80% of non-bank consumer lending in rural communities across several states, including Kansas.
Apply Now for an Installment Loan in Leon, Kansas
Are you in need of extra funds? TheGuaranteedLoans can help. We are a connector service that matches borrowers with potential lenders across the country. Fill out our online application and get connected today. Remember, we are not a direct lender, but we are here to help facilitate your loan application and connection with lenders that can meet your needs.
Disclaimer: TheGuaranteedLoans is not a lender and does not make credit decisions. We are a connector service that matches consumers with potential lenders and lending partners. Loan terms and conditions may vary based on individual lender requirements. Not all applicants will qualify for a loan or meet all eligibility requirements. If approved, a lender’s funding timeframes and repayment schedules will differ based on factors such as creditworthiness, income, employment status and others. Borrowers should carefully consider their options before taking out a loan and make sure they understand the terms and conditions and any associated fees.