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Key Benefits

• Research Kansas payday lending regulations in your area

• Access our network of Kansas cash advance professionals

• Calculate Kansas payday loan rates with our loan calculator

• Explore faxless, no teletrack and military Kansas payday loans

• Instant approval - customers with bad credit welcome to apply

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Kansas Payday Loans

It is important to understand the laws surrounding cash advances before taking one out in Kansas. Borrowers can borrow up to $500 in payday loans for a maximum loan period of 30 days. There are no laws that prohibit rolling over a payday loan, or extending it, however. It is against the law for a cash advance lender to charge above 15% interest on the original loan amount. This means that for every $100 borrowed, no more than $15 can be tagged on as a fee. While $15 may not sound like a whole lot, the annual percentage rate is 390%. If a borrower plans to pay back the loan within two weeks to one month, the payday loan rate is reasonable - especially if it means avoiding the high cost of bank fees or late fees tagged onto monthly bills. Extending a payday loan beyond the original loan term can lead to fees really stacking up though, so plan payday loans accordingly.

Aside from the free, there are some other details that Kansas borrowers should know before shopping around for a payday loan. People in the state of Kansas can have up to two payday loans at the same time and will be denied by any payday lenders, like Wichita lenders, after that point. Borrowers are also not allowed to take out more than three payday loans within a 30 day period. Usually lenders are able to check an individual borrower's qualifications based on running his or her social security number through payday lending software.

A practice called loan splitting is against Kansas law. This is when payday loan companies take an existing loan and split it into smaller principal entities, then charge a separate fee on each. The original loan amount and APR must remain intact for the duration of the loan term. It is important for lenders to pay what they owe back to lenders in a timely fashion because these businesses are able to take civil action in the state of Kansas. Criminal prosecution for default, however, has no grounds.

Maximum Principal
Borrowers can take out up to $500.

Length of Loan

The longest term a cash advance loan can carry is 30 days.

Rollovers

There are no laws regarding extensions or rollovers in Kansas.

Fees

Payday lenders cannot charge more than 15 percent of the loan in finance charges. A loan of $100 for two weeks carries a maximum $15 charge.

APR

The annual percentage rate for a payday loan of $100 over two weeks is 390 percent.

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Kansas Loan Statistics

			Pay Schedule
	Average Loan	Average Age	Weekly	Bi-Weekly	Monthly	Twice Per Month	Home Owner	Renter
2012	$598	38	14%	55%	17%	14%	29%	71%
2011	$549	38	11%	50%	22%	17%	29%	71%
2010	$631	40	12%	53%	21%	15%	35%	65%