Kansas Payday Loan Laws and Legislation
Payday loans are short-term cash advances with high interest. In Kansas they are known as payday loans, payday cash advances or just cash advances; the state laws regulate the operation of the companies that provide such loans.
Kansas Statutes Annotated Section 16a-2-404 contains all the information about payday lending. Section 16a-2-404(1) reads the definition of a loan as short-term consumer loan in amount not exceeding $500 that should be repaid in due time.
The state law regulates the operation of all the lending companies in the state and sets certain limitations. A payday loan should not be given for a period less than 7 and more than 30 days. Lenders are prohibited to charge more than 15% from a $100 loan.
It is also not allowed to give two or more loans to a borrower at a time. A lender is obliged to keep track of all payday concerning transactions. Moreover, Section 16a-2-404(4) in the Statute also requires that a payday lending contract was written in all the required by both parts languages and there is special requirement to the type of print - 10-point bold typeface in the very least.
Grace period can be granted to borrowers according to Kansas Statutes Annotated Section 16a-2-404(9). It presupposes that a borrower should not pay any fees in case he is able to repay the loan in full by the end of the next business day after the day the loan was taken. No fees or charges can be implied in this case. If a borrower changes his mind he should notify a lender about rescinding and all the fees and charges should be returned. Only one NSF fee is allowed per loan.
Payday loans are very expensive in terms of interest rates. It is advised not to make hasty decisions and not rush for payday loans as soon as you get short of cash. It is a very convenient option when the situation is urgent and things cannot wait for the next paycheck. However, this option should be thoroughly considered before deciding upon it.
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