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Kansas Installment Loans :
A kansas installment loan is a small loan that is used by a borrower to meet unexpected expenses like car repairs, bill payments, household emergency repairs, medical bills among other financial emergencies is called a installment loan and it's usually between $100 to $ 500. Thus a installment loan is cash that is mostly meant to cater for emergencies that come unexpectedly. They are thus referred to as cash advance loans.
In Kansas, installment loans are legal and you can access them at the moment of your need. Thus there is no need for hassles that are commonly associated with accessing other types of loans. There are laws that do guide on the installment loans in Kansas and there are at least four different large banks that are making these kinds of loans to their customers. The banks also trap the borrowers of the loans just in the same way that the street corners lenders for installment loans operate. Most of the banks installment loans send their clients to financial devastation.
With traditional installment loans that come from banks, the bank deposits the money on the borrowers account and later the loan repays itself fully by deducting the amount of the loan directly from the account. This is done automatically, the next payment is made to the lender and any fees that apply to the loan are also deducted.
Online Installment Loans In Kansas :
Some online installment loans lenders try to trap the borrower by offering installment loans with unusually high rates or unfavorable terms, they have the same structure just like the street corner installment loans and they have the same problems. The high interest and the short terms that are involved in these types of loans are difficult for consumers to repay in a timely fashion.
Thus a customer has to use a larger amount of his or her income to repay the loan, and very often that they will run out of cash before the next payday and they will often have to go back to borrow more. This continued cycle calls for legal protection and this is why there are laws that restrict and regulate the way that the installment loans are made.
In Kansas, the banks allow the customers to remain in this trap month after month as they claim their installments and make the high cost product acceptable.
In reality, the so called protection of the borrowers is not effective and the lenders end up exploiting the borrowers. installment loans recent research that was done by Center for Responsible Lending's (CRL) found out that the borrowers remain in debt for around 175 days per annum. This is twice as long as it's advised to be appropriate by the FDIC.
Undermining state law- this law is disputed by the banks as they claim that these types of loans are part of the small loans marketplace. This claim has allowed the banks to be able to continue employing these types of kansas installment loans and as a result many borrowers tend to agree with this and they take the loans.
Requirements for An Installment Loan In Kansas :
In Kansas, for one to qualify for an installment loan, one has to be at least 18 years and above and to have a standing bank account. Most lenders require that the borrower to have a direct deposit of the paycheck into the checking account for one to get this kind of loan.
The lenders need one to have a bank account that is active as well as in good standing in order to prove to lender that the borrower will to be able to repay the loan plus the high interest that comes with these installment loans.
The borrowers are also supposed to have a regular income or a job in order for them to qualify for the installment loans since this guarantees that the loans will be paid at the right time as well as the right amount plus any other fees that may be added to the loans. For an installment loan, lenders do not necessarily look at the prior charge off's, bankruptcy or the poor credit history of installment loans applicants in kansas..
The lenders usually look primarily at the current potential of the borrower to repay the loan in a timely fashion.
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