Title Loans in Durham, Kansas

Title Loans in Durham, Kansas: What You Need to Know

When it comes to finding quick cash loans, title loans can be a popular and legal option for residents of Kansas. In this article, we will be discussing title loans specifically in the city of Durham, Kansas, and what you should know before applying for one.

What are Title Loans?

Title loans are secured loans that use your vehicle as collateral. This means that if you are unable to repay the loan, the lender can repossess your vehicle to recoup their losses.

In Kansas, title loans are a popular option for those who need cash fast but may not have the credit score to qualify for traditional loans. According to a study from the Pew Charitable Trusts, over 35% of borrowers end up losing their cars to title lenders, and many more end up in cycles of debt.

Are Title Loans Legal in Durham, Kansas?

Yes, title loans are legal in Durham, Kansas, and throughout the state of Kansas. However, the state does have certain regulations in place to protect borrowers.

Under Kansas law, title lenders may charge up to 25% interest per month on loans up to $500, and up to 18% per month on loans between $501 and $4,000. Loans over $4,000 are capped at a 12.5% interest rate per month. Additionally, lenders are required to provide clear disclosures about interest rates, fees, and repayment terms to borrowers.

How Do Title Loans Work in Durham, Kansas?

To apply for a title loan in Durham, Kansas, you will need to provide the lender with the title to your vehicle as collateral. In some cases, you may also be required to provide additional documentation such as proof of income or residency.

The lender will then assess the value of your vehicle and determine how much they are willing to lend you. Keep in mind that you will typically only be able to borrow a fraction of your vehicle’s value, and the interest rates can be high.

If you are approved for a title loan, you will typically have to make monthly payments including interest and fees until the loan is paid off in full. Failure to make payments on time can result in late fees and the possibility of repossession.

Interesting Facts and Statistics about Title Loans in Durham, Kansas

• According to the Kansas Office of the State Bank Commissioner, there were over 147,000 title loans made in Kansas in 2019, with a total loan value of over $232 million.
• A study by the Center for Responsible Lending found that the average interest rate on a title loan in Kansas is 391%
• According to a study by the Consumer Financial Protection Bureau, over 80% of title loans are renewed, with many borrowers taking out multiple loans in a row.

Apply Now for a Title Loan in Durham, Kansas

If you are considering a title loan in Durham, Kansas, TheGuaranteedLoans can help connect you with potential lenders. Our online application process is easy and secure, and our network of lenders offers competitive interest rates and transparent terms.

Remember, however, that title loans can be a risky and expensive way to borrow money. Before you apply, be sure to carefully consider the risks and alternatives.

And as a connector service, TheGuaranteedLoans works with multiple direct lenders, but we are not a direct lender ourselves. We will not lend you money, but we can help facilitate the connection between you and a lender.

If you decide to apply for a title loan through our website, be sure to read all terms and conditions carefully, and only borrow what you can afford to pay back.

The Bottom Line

Title loans can be a legal and accessible option for those who need quick cash in Durham, Kansas. However, they also come with significant risks and high interest rates.

Before applying for a title loan or any financial product, be sure to do your research and fully understand the terms and risks involved. And if you do decide to apply for a title loan, be sure to turn to a trustworthy and reliable connector service like TheGuaranteedLoans to help you find the right lender for your needs.