It’s your friend’s birthday or you have an unexpected house repair, and you need extra cash right now. You don’t have the extra money in the bank. What do you do?
You may do some quick searches and come across payday loans or cash advances that allow you to get money today with a hefty amount of interest and fees. Payday loans are a legal option in Kansas to get cash fast, but let’s look into your options and potential alternatives.
Options For Payday Loans in Kansas
A traditional payday loan provides instant access to cash for a fee and an interest rate.
In Kansas, there are a few ways that payday loans types you can apply for:
Online payday loans – Apply online and have multiple lenders “bid” for your loan.
Check into cash – You must go in-store with a post-dated check for the amount you borrow plus fees.
Title or Pawn Loan – This seems like the most dangerous as you give the title of your vehicle or valuable to the lender until you pay off the loan. Most of the time you will get a decent amount for the loan, but the lender can’t repossess your car if you are having trouble making payments.
Let’s look at the requirements in Kansas to qualify for a Payday Loan
Requirements
You must be at least 18 years old.
An active bank account
A government-issued ID
Proof of income.
There is often no minimum credit score needed to qualify for a payday loan. Check into cash payday advances require you to bring your checkbook.
Interest Rates
The maximum APR for Kansas is 391% APR, which equates to $15 in fees per $100 loan. While it may not seem like much, in simple terms, a $5 Starbucks will cost you $19.55 after a year of interest at 391% APR.
Credit Check
Often payday lenders in Kansas will not pull a credit report although they may use income verification as a credit check. While making on-time payments will not positively impact your credit, if you miss payments, the lender can send your account into collections which will negatively impact your score.
State Regulations
Kansas state and federal regulation require that lenders not allow more than 2 outstanding loans at a given time. The loan should not be less than 7 days or more than 30 days. Lenders cannot provide rollovers and extensions, although they can allow a grace period.
Max Loan Amount
You can have a $500 loan at any given time based on Kansas laws.
Penalties
Lenders can charge only one Non-Sufficient Funds (NSF) fee and cannot take criminal action on defaulted payments.
Payday Loan Alternatives in Kansas
Now you understand how payday loans work in Kansas. Let’s look at some alternatives that provide instant cash and put you on the path to financial freedom.
Instacash
Instacash is a safer alternative to a payday loan. Access up to $250 with no credit check and 0% APR, which means you pay back exactly what you borrowed without any extra fees or finance charges. You can access Instacash through the MoneyLion app 24/7 and as often as you need advances on your paycheck.
Credit Builder Loans
A Credit Builder Loan is designed specifically for those with no or less than perfect credit to improve their credit by paying off a small loan over time. Your credit score can increase with steady payments and is reported to all three major credit bureaus. Apply and get approved for up to $1000 instantly to your bank account. Be a part of more than half our MoneyLion customers that raised their credit score by over 27 points in the first 60 days.
Compare Your Payday Advance Options in Kansas
Instacash | Credit Builder Loan | Local Payday Lender | |
|---|---|---|---|
How Much Can You Borrow? | Up to $250 | Up to $1,000 | $500 |
Fees & Interest | 0% APR | Competitive APR, $19.99/month fee | Up to 391% |
Impacts Your Credit? | No | Yes, it builds your credit score. | No |
Availability | Online & Mobile | Online & Mobile | Online & Mobile |
Wait Time | Instantly* | Instantly | |
Next Steps | Sign Up | Sign Up |
*24-48 hours to receive your advance at 0 cost. $3.99 for instant deposit to your MoneyLion bank account, $4.99 to instantly deposit to an alternative bank account.
Let’s Get You Cash Safely And Get On With Life
You need money today, but you realize that payday loans can be too expensive and too complicated. We have you covered! With transparent pricing and easy to use application process, you can have the money you need now in your checking account today.
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Disclosures
Instacash® is an optional service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors, as determined by MoneyLion. Expedited delivery requires Turbo Fee. See Instacash Terms and Conditions for more information and eligibility requirements.
Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. This optional offer is not a Pathward product or service. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states. Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.
MoneyLion does not provide, nor does it guarantee, any third-party product, service, information, or recommendation. The third parties providing these products or services are solely responsible for them, as well as all other content on their websites. MoneyLion is not liable for any third party's failure with regard to those advertised products, services, and benefits. These advertised products and services may not be FDIC insured or bank-guaranteed, and may be subject to a different privacy policy than MoneyLion’s. You should check individual offers, products, and services to become familiar with any applicable restrictions or conditions that may apply. MoneyLion may receive compensation from third parties for referring you to the third party, their products or to their website.
Instacash is a 0% APR cash advance service provided by MoneyLion. Your available Instacash advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. This service has no mandatory fees. You may leave an optional tip and pay an optional Turbo Fee for expedited funds delivery. For a $40 Instacash advance with a Turbo Fee of $4.99, your repayment amount will be $44.99. Generally, your scheduled repayment date will be your next direct deposit date. An Instacash advance is a non-recourse product; you will not be eligible to request a new advance until your outstanding balance is paid. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.