Cash Advance and Payday Loans in Wichita, KS
Unlike some states, it is legal, with limitations, to get a cash advance in Wichita, KS.
A cash advance is a short-term loan that lets Wichita residents borrow money in cases of financial emergency. Some of the most common reasons borrowers take out payday loans are to cover living expenses, medical emergencies, or short-term cash shortages. Borrowers should only take a payday loan out with the intention of repaying it with their next paycheck in order to avoid a debt trap.
Advantages of Taking Out Payday Loans in Wichita
The advantages of taking out a payday loan in Wichita are plenty. Some of them include:
- Payday loans are an easy access point to cash for borrowers. Besides their fast process, lenders often prioritize transferring the money over, usually as soon as the next business day.
- The application system is relatively easy and user-friendly. Many lenders have a completely web-based approval system. As long as the candidate can meet the minimum requirements, they can fill out the online form.
- Your income might be one factor for approval. While credit checks are still necessary to ensure a safe cash transaction, online lenders usually pay more attention to the borrower’s income.
- Payday loans are an accessible and quick alternative to private or bank loans. Online payday loans may be easier for some applicants to receive than other forms of lending.
How to Get a Cash Advance and Payday Loan in Wichita?
You can apply for a payday loan or other cash advance at either a storefront or an online lender. Both storefront lenders and online lending platforms are prevalent in Wichita, KS.
The following information might be needed to apply for a loan:
- Personal information, such as your name, address, phone number, and email address
- Bank account number
- Employer name or revenue source.
Specific lenders may have additional information requirements.
Cash Advance and Payday Loans Requirements
Lenders may require potential borrowers to meet the following criteria:
- You must be 18 years or older to apply.
- You must provide your Social Security number.
- You must be a legal resident of Wichita, Kansas. Proof of residency is needed.
- You must have a stable source of income.
- You must provide a phone number and email address.
- You must not be in debt or bankruptcy.
Please note that requirements may vary by lender.
Costs and Regulations of Cash Advance and Payday Loans in Wichita, KS
The State of Kansas imposes some limitations on payday loans and cash advances. The maximum loan amount allowed is $500, excluding charges. The state has also set a regulation to maintain the licensed lenders’ capacity to imply finance charges to the borrowed amount. The loan term must span between seven and 30 days, however, the number of rollovers allowed is not specified. Lenders often set a repayment date as soon as the borrowers agree on the loan. Usually, this is the day after the borrower's paycheck. Lenders can charge up to 15% of the amount borrowed in finance charges.
Installment Loans in Wichita
Installment loans are typically bank attributed items and are standard products applied to car or mortgage loans. However, some payday lenders offer installment loans as well.
An installment loan is a short-term loan with a longer payment plan. Whereas payday loans typically require the borrower to pay back the amount borrowed in one lump sum after only a couple of weeks, installment loans allow borrowers an extended repayment term. Some lenders will offer up to one year to pay back an installment loan.
Requesting Title Loans in Wichita
Title loans are yet another type of short-term cash advance. This form of cash advance places the borrower’s vehicle – either a car, truck or motorcycle – up as collateral to secure the loan. The borrower must hand over the hard copy of the vehicle's title to the lender to receive a title loan.
The basic process to receive a title loan is like that of a cash advance or payday loan. Borrowers will have to complete an online request form, after which the lender will review their information and the vehicle presented as collateral.
When applying for a title loan in Wichita, Kansas, the following documents might be needed:
- Valid government-issued photo identification
- Proof of residence
- Name, address, email address, and phone number
- Photos of vehicle
- Name of employer or revenue source
- Lien-free car title
Before you can use a lien-bound vehicle as collateral, you must pay back the initial loan.
Favorite Wichita, KS Cash Advance and Payday Loan Companies
There are many cash advance and payday loan companies in Wichita, KS.
Advance America has plenty of storefront locations scattered around the city. Aside from its store locations, Advance America has a website packed with useful information. They offer payday loans, installment loans, title loans, and lines of credit.
Similar to Advance America, Check Into Cash has storefront locations in Wichita. They offer payday loans, installment loans, and title loans.
Other companies in Wichita, KS include Check n’ Go, Loan Smart, Lendnation, Money Shack Payday Loans, Net Pay Advance Inc., and Payday Money Store.
With so many online and storefront payday loan options out there, you should examine all aspects of a company's terms before selecting a lender. To read more payday loan laws in Kansas or to identify your lender’s license, visit the Kansas state legislature website.