While the amount of the title loan you can get is dependent first and foremost on the value of your car, many states impose limits on the dollar amount you can receive as part of a title loan. The maximum loan amount for title loans in Kansas amounts to $2,500.
Title Loans vs. Payday Loans
For people needing a fast cash injection in emergency situations, payday loans are usually mentioned alongside car title loans as the other option to consider. However, these types of loans are less secure for a number of reasons.
First of all, they have much higher interest rates. Most of the time, the interest rate on a payday loan is hundreds of percent greater than those on an auto title loan. They also don't let you borrow as much money as title loans. Usually, payday lenders won't be able to provide you with more than a few hundred dollars. Finally, the repayment plan for these types of loans is much more strict and difficult to meet, especially for low-income individuals.
For comparison, car title loans enable you to take out around 50% of your car's value, so depending on your vehicle, you could be able to borrow quite a significant sum that could get you through a personal or financial emergency. In the event that you persistently fail to meet your payments, your car will get repossessed. Now, that may not sound that great, but it's definitely the better option if you consider the alternative, which is ending up in debt for many multiples of the original sum and collectors breathing down your neck week in, week out. Some lenders even sell off the debt you owe them to other companies to make a profit, resulting in you owing even more money over time.
How Much Money Can You Expect From a Title Loan in Kansas?
Online Title Loan Interest Rates
The legislature of the state of Kansas mandates that interest rates on car title loans (online and otherwise) are capped at the maximum rate of 36% per annum. This is pretty great compared to other states, where these rates can go up to three-digit figures. Getting an online title loan in Kansas is, therefore, a whole lot more reasonable and affordable than in many other US states.
Choosing the Right Title Loan Lenders in Kansas
If you're strapped for cash in case of an emergency, getting a title loan is a good idea to get through that rough patch in your life. However, with so many lending institutions to choose from, it's often difficult to find one that suits your personal needs, not to mention the amount of scammers and predatory lenders that have infested the sphere in recent years.
At Titlelo, we cooperate only with the most reputable, trustworthy lenders in Kansas. Competitive interest rates and adaptable repayment options are two factors that we strive to provide our customers with when matching you with a lender. We know the industry inside and out and with years of experience helping people during financial emergencies, you can trust us to find you a dependable title loan provider.
Online Title Loans Kansas Residents Deserve
Major changes that turn your life upside down often come at you quickly and unexpectedly. At times even the tiniest bit of emergency funding can make a world of difference. This is especially true for a state like Kansas, with so many of its populace living beneath the poverty line and the average family size sitting at 3.27.
Obtaining a loan through traditional channels, such as banks, can be incredibly difficult, if not outright prohibitive, for someone with bad credit in Kansas. Even if you do pass the credit check, you might end up with highly unfavorable loan terms that will eat away at your budget for years on end. A car title loan provides you with an alternative way to get the much-needed quick cash injection, regardless of your credit history, structured in affordable monthly payments. All of our applications are typically accepted within 24 hours of filling out the form.
If you've got any questions about title loans in Kansas, the application process, or are worried about whether or not you can repay on time, reach out to our customer support department. They're very helpful and can provide the answers to any questions you might have. If you're pressed for time, you can also take a look at the Frequently Asked Questions section below.