Requirements for a Kansas Installment Loan
Before starting the loan process, prospective borrowers must meet several basic requirements.
Interested Wichitans should ensure they prepare or meet the following:
- Be at least 18 years old or more
- Proof of income (Bank statements, pay stubs)
- Possess an active bank account
- Valid, government-issued identification
- Proof of residency (utility bill, lease agreement)
Installment Loans in Kansas Briefly Defined
Read the following sections for state-specific regulations and pertinent details about Kansas installment loans.
Maximum Amount You Can Get From Kansas Installment Loans
In Kansas, the maximum amount borrowers can get with an installment loan is generally between $300-$5,000.
Note that this limit can vary between lenders, and may be higher for borrowers with higher credit scores.
Kansas Installment Loan Interest Rates
Installment loans in Kansas have significantly lower interest rates compared to payday loans.
While payday loans can reach up to 391% APRs, installment loans typically range from 5.99% to 35.99%, depending on the lender, loan amount, and credit score.
Borrowers should compare offers from different lenders to find the best rates.
Can You Get an Installment Loan With Bad Credit
Yes, getting bad credit loans in Wichita is possible. Many lenders offer bad credit loans with more flexible qualification requirements.
This is to provide all prospective borrowers with access to fast funds, regardless of their credit score.
Note that lenders may impose higher interest rates for these loans, to offset the potential risk.
How to Get an Installment Loan With Our Third-Party Lenders
Obtaining an installment loan through our network of third-party lenders is fast and easy.
Here’s how to start the loan inquiry process:
- Get Started: Fill out our online inquiry form and prepare the necessary documents listed above. Your request will be evaluated by third-party lenders.
- Get an Offer: After pre-approval, a lender will send you an offer based on your needs.
- Get Your Cash: Once you sign the loan agreement, you’ll receive your money, typically through a direct deposit. Some lenders may offer same day loans.
Installment Loan Laws in Kansas
House Bill 2189 aims to modernize Kansas’s loan laws by introducing the following changes:
- Interest Rate: Maximum 36% APR.
- Loan Amount: Increased to $2,500 (from $500 for payday loans.)
- Loan Terms: Extended to 24 months (replacing the 30-day payday loan requirement.)
- Fees: $30 monthly cap, $25 underwriting fee, indexed to inflation.
- Consumer Protections: Early repayment with no penalties and limited fees on open-end credit.
Conclusion
Installment loans for Wichita residents offer a practical financial solution for their various needs.
Are you interested in getting one? Fill out the online inquiry form on this website to start the process!
FAQs
Here are common questions about installment loans in Wichita, KS.
The annual percentage rate (APR) of installment loans is calculated by combining the interest rate and any fees, then dividing by the loan amount and multiplying by 365 days.
Strictly abiding by your installment loan contract and making regular payments can potentially improve your credit score.
It creates a history of timely payments, which indicates to lending institutions that you’re a responsible and reliable borrower.
Some examples of installment loans include:
Auto loans
Mortgages
