Installment Loans in Severy, Kansas

Installment Loans in Severy, Kansas

In need of fast financial assistance in Severy, Kansas? You might want to consider installment loans. Although small-dollar loans such as payday loans are legal and widespread in Kansas, some borrowers prefer the flexibility and longer repayment terms of installment loans. In this article, we’ll discuss installment loans in Severy, Kansas, their advantages and drawbacks, and how to apply for them.

What Are Installment Loans?

Installment loans are personal loans that you repay in regular installments over a defined period. Unlike payday loans, which you typically repay in full on your next payday, installment loans allow you to borrow larger amounts and pay them back over several months or years. Most installment loans have fixed interest rates and payments, which makes them predictable and budget-friendly.

Advantages of Installment Loans

The benefits of installment loans include:

• Lower interest rates: As installment loans have longer terms than payday loans, they usually have lower annual percentage rates (APRs), which means you’ll pay less in total interest.
• Flexible repayment terms: Installment loans allow you to spread out your payments over several months, making them easier to manage and less likely to cause a financial strain. Some lenders may let you choose your repayment schedule or extend it if you need more time.
• Larger loan amounts: As installment loans have longer terms and more generous eligibility requirements than payday loans, you can borrow larger amounts that can cover more substantial expenses, such as home repairs, car purchases, or medical bills.
• Predictable payments: As installment loans have fixed interest rates and payments, you’ll always know how much you owe and when it’s due, which can help you plan your budget and avoid surprises.

Drawbacks of Installment Loans

The drawbacks of installment loans include:

• Longer repayment terms: Although longer terms make your payments more affordable, they also mean you’ll pay more in total interest over the loan’s life. Before taking out an installment loan, make sure you can afford the payments and the total cost, considering your income, expenses, and other debts.
• Higher credit requirements: As installment loans are unsecured, meaning they don’t require collateral, some lenders may have stricter credit requirements than payday loan providers or secured lenders. If you have a low credit score or poor credit history, you may not qualify for an installment loan or may face higher interest rates.
• Debt trap potential: As with any loan, installment loans can lead to a debt cycle if you’re not careful. If you’re already struggling with debt, taking out more debt can exacerbate your problems and make it harder to escape. Only take out an installment loan if you have a plan to repay it, and avoid borrowing more than you need.

Severy Installment Loans: Interesting Facts and Statistics

• As of 2021, there are over 500 payday and installment loan stores in Kansas, according to the Kansas Office of the State Bank Commissioner.
• The average APR for a $1,000 installment loan in Kansas is 111%, according to a 2020 report by the Pew Charitable Trusts.
• In Kansas, the maximum loan amount for an installment loan is $2,500, and the maximum term is 12 months.
• In 2020, Kansas lawmakers introduced a bill that would cap interest rates on payday and installment loans at 36%, but the bill did not pass.

Apply Now for an Installment Loan in Severy, Kansas

If you need cash fast and don’t want to visit a physical lender in Severy, you can apply for an installment loan online through TheGuaranteedLoans. We are a connection service that works with a large network of lenders who can provide installment loans to borrowers with various credit backgrounds and financial situations. To apply, simply fill out our online application form, and we’ll match you with potential lenders who may be able to help you. Keep in mind that TheGuaranteedLoans is not a direct lender and does not make any lending decisions. We simply facilitate your connection with lenders who may offer you a loan.