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Kansas Payday Loan Laws
As a resident of Kansas, you want to be aware of all the laws governing payday lending in the state. Know your rights here.
Kansas short term cash advances are still legal in the state, despite a few other states completely banning payday lending. The industry is regulated by the Office of the State Bank Commissioner. This is the legal body that has set up rules and regulations that lenders must follow.
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Kansas Payday Loan Regulations
| Legal Status | Legal |
| Interest Rate (APR) | 391% |
| Max. Loan Amount | $500 |
| Min. Loan Term | 7 days |
| Max. Loan Term | 30 days |
| Number of Rollovers | Not specified |
| Finance Charges | 15% of the amount |
| Statute of Limitations | 5 years (from the last payment) |
Kansas Payday Terms and Conditions
- You cannot borrow more than $500
- Lenders can charge up to 15% interest
- A $100 loan issued for 14 days costs up to 15$ additional fee
- Repayment period is no more than 30 days
Before you take out a Kansas payday loan, weigh out the risks and benefits firsts. It is advisable to repay on the due date to avoid automatic rollovers, making you pay more.
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An online personal loan can help when you need cash for large purchases or unplanned expenses.
The Legal Proceedings in Case You Fail To Pay
Lenders are strictly prohibited from taking criminal action against borrowers who have failed to repay.
Of course, as a borrower, you have a legal obligation to pay off the loan. However, your failure to pay does not amount to a criminal offense.
Lenders cannot make threat such as sending you to jail or sell off your assets. Any such attempts are considered illegal unless a court order has authorized such actions.
A trustee appointed by the court should implement the orders, not the lender.
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Collection Fees And Rollovers
Kansas payday loans allow lenders to charge a one-time NSF fee. An unlimited number of rollers and renewals are allowed.
This means that there is room for an extension of the loan term if you fail to repay on the due date.
However, this provision means that your loan amount may keep on rolling over.
The main disadvantage of this extension plan is that you could incur extra charges and be trapped in a vicious cycle of debt.
Maximum Number of Loans
The maximum number of outstanding Kansas payday loans at a time is two. A lender may not give out more than 3 loans to a borrower within a 30-day period.
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Financer.com helps you compare the best personal loans in Kansas and get the best loan rates from leading lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan in Kansas and take the guesswork out of doing all the legwork yourself.
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Kansas Loans - FAQs
Are payday loans legal in Kansas?
What are the finance charges of loans in Kansas?
The law permits 15% of the amount advanced, one NSF fee, and 3% per month of the outstanding amount. However, the finance charges should not exceed $15 of the amount advanced
What if I need a larger loan?
You can take out a personal loan for a larger amount and a longer repayment period. Conventional personal loans also come with better interest rates than short-term payday loans.
Is it easy to get a payday loan in Kansas?
Payday loans are typically easier to get approved for, depending on your employment status and credit profile. Keep in mind that a payday loan is a short-term loan that typically comes with high interest rates, so consider whether you need personal loan or a payday loan.
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