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Kansas is one of the most affordable states to live in, with a cost of living index of 87.5 (out of a possible 100). But like the rest of the United States, prices are rising. Everything from groceries to housing to utilities increases over time, yet income is not rising fast enough to meet it. That’s why many Kansans use personal loans and other forms of credit to make ends meet.
If you live in Kansas or are considering moving there, it’s important to know your options for personal loans. You never know when something like an unexpected medical bill or another surprise might come up that requires some extra cash. It’s almost always better to be prepared than not.
Whether you have bad credit—or limited credit history—or you’re in a rural area with limited banking options, Jora’s installment loans and lines of credit can help. These loans are customized to your needs. They also come with fast funding and approval times. Plus, you can complete the entire loan application process online from the comfort of your home.
Learn more about Jora’s loans. Or apply now!
Types of Loans in Kansas
The Sunflower State is the 35th least populous state, with an estimated 2,934,582 people. The population grew about 2.7% from 2010 to 2021—a small increase of about 76,316 residents.
Although Kansas’ population has remained relatively stable, the state has seen decent growth in job opportunities, with 14,717 new jobs in 2021. While this is good news for anyone looking for work, new jobs often bring in more people. This could make Kansas more attractive to people looking to relocate, but it could also lead to an increased cost of living.
Along with this, many areas of the country—including Kansas—are starting to see slower employment growth. This could make it harder to get a job if you’re not already employed or have recently lost your job.
Fortunately, several types of loans in Kansas could help you if you’re experiencing financial hardship and need. These include:
- Personal loans: A personal loan is a financing—usually unsecured—that you can get through a credit union, bank, or private online lender. These loans typically have a set monthly repayment term and fixed interest rates. You can use a personal loan for almost any reason, including car repairs, home renovations, debt consolidation, or emergencies.
- Lines of credit: A line of credit is a type of revolving credit that lets you borrow what you need up to a certain limit. Once you reach that limit, you’ll need to make payments before you can borrow again. You’ll also typically need to make small monthly payments on the amount borrowed.
- Payday loans: Payday loans are small unsecured loans with short repayment terms of about 2-4 weeks. These loans come with their own interest rates and sometimes have other lender fees. Typically, you will not need to undergo a credit check to get a payday loan. The tradeoff is a higher interest rate than what you’d get with installment loans or personal loans.
- Title loans: Title loans are also short-term loans with high interest rates and short repayment periods. Most lenders do not require a credit check but use your vehicle as collateral for the funds. If you do not make payments, the lender could take your vehicle instead.
Kansas also has other loan types, including home equity lines of credit (HELOCs) and cash advances. If you’re interested in getting a personal loan (or line of credit) that does not require good credit but comes with more reasonable repayment options, consider applying for one through Jora.
Why Jora Credit?
When it comes to getting a loan in Kansas, there are several things to consider. Every lender has its own loan requirements and loan options. For example, bad credit loans like title loans are usually easier to get than traditional personal loans. But personal and other installment loans often come with longer repayment terms and higher loan amounts for the things you need.
Whatever type of loan you’re leaning toward, make sure you consider the following things before applying. That way, you’ll know what you’re getting from the beginning.
A person’s credit score ranges from 300 to 850, with anything above 670 considered good credit or better. Your credit score depends on a few factors, such as payment history, age of credit, and credit utilization.
When you apply for a loan or line of credit, the lender will typically check your credit score and review your history. They do this to determine how likely you are to repay the money you borrow on time. The better your credit score, the higher your chances of getting a loan with the best interest rates and terms.
If you have good credit, you could save money in interest charges and other lender fees over the life of the loan. You could also qualify for larger loan amounts, which could be helpful if you need to pay for a big-ticket item or consolidate debts. Even with poor credit, you could still qualify for certain types of loans in Kansas—including installment loans. Lenders like Jora consider more than your credit score when deciding whether to offer a loan.
If you’re unsure what your current credit score is, get a free copy of your credit report from all three major credit bureaus— Experian, Equifax, and TransUnion. Review your reports for any errors bringing down your score. And, if your credit is not as high as you’d like it to be, take some time to improve it before applying for a loan.
Taking on a new loan will also increase your monthly payments. Review your current monthly payments for things like loans, mortgage or rent, utilities, and other expenses. Then, make sure you can afford the new loan before applying. If you’re not careful, you could end up with more debt than you can handle.
In Kansas, the median household income is $64,521—or about $5,376 a month. Let’s say you spend around $4,500 a month on all household expenses. That leaves you with $876 left over.
Ask yourself if this is enough to take on a new loan payment and if you expect your income or expenses to fluctuate anytime soon. If you think you can afford it, it might be a good time to apply for a loan. Otherwise, hold off for now. When in doubt, use an online loan calculator to help you determine exactly how much you’ll be paying for the new loan. Also, keep in mind that many lenders will consider your other debt obligations when making their lending decisions. If you do not have enough money left, they might not approve your application.
Lenders often check your income and employment status when making their decisions. They might require you to upload related documents when applying for a loan. Commonly requested documents include employment letters, bank statements, W2 forms, and recent tax returns.
Before you apply for a loan in Kansas, calculate your total income. Be sure to include all income sources, such as child support, alimony, and any money earned through a side gig.
You may also need to provide proof of additional assets when applying for a personal loan. And, if you’re applying for a secured loan, you might need to use an asset like a car or house to get the funds. Whatever the case, having assets can improve your approval odds, especially if you have bad credit or limited income.
Some lenders accept cosigners as part of the loan application. Having a cosigner reduces your risk level in the lender’s eyes, making it easier to qualify for a loan even if you have bad credit or low income. This is because the cosigner backs the loan and assumes responsibility for payments if you default.
You can usually find a lender’s terms, rates, and eligibility requirements on their website. However, some lenders will not list their exact rates until you’re going through the application process.
In general, short-term loans have higher interest rates than long-term loans. Shorter terms also typically mean higher monthly payments. Some short-term loans, such as payday loans, need to be repaid on your next payday.
Certain online loans, such as those offered through Jora, have longer repayment terms of at least several months. These loans usually have lower monthly payments and are easier to manage over time.
Consider the loan’s terms and rates before applying, as this can give you a better idea of what you’ll be paying each month.
Before selecting a lender, check their online reputation and licensing status first. They should be licensed in your state to lend money. If they are not, steer clear of them. As for reputation, check on sites like Trustpilot and the Better Business Bureau (BBB) to see what current and past customers are saying. For example, Jora has 4.7 out of 5 stars on Trustpilot with more than 1,000 reviews.
You can also see if the lender has online testimonials on their main website. Knowing what others are saying about their experiences can help you determine whether the lender is reputable and what you can expect when working with them.
Again, the loan requirements in Kansas depend heavily on the lender and loan type. Most lenders have income and credit score requirements, but they might also have some or all of the following requirements:
- Loan fees: Many traditional and alternative lenders charge specific fees for their loans, including prepayment penalties and origination fees. A prepayment penalty happens when you pay off a loan early. An origination fee occurs at the start of the loan and is usually added to the monthly payments. Some direct lenders, like Jora, do not charge these fees.
- Maximum debt-to-income ratio (DTI): To get your DTI, you need to add up all your monthly debts and divide them by your monthly income. The resulting percentage is your DTI. Say, for instance, you spend $3,000 for all monthly debts and make $4,000 a month. Your DTI would be 75%. Usually, lenders will deny applicants with a DTI that’s higher than 40% or 50% (not including mortgage payments).
- Proof of identity: Most lenders require at least two forms of identification, such as your government-issued driver’s license or state ID. Some lenders will also accept a Social Security card, birth certificate, or passport. If applying in person for a loan, make copies of these documents so you can submit those instead of the originals.
- Citizenship and residency: Lenders in the United States often have residency or citizenship requirements. Some lenders will only lend money to people who are permanent residents or U.S. citizens.
- Proof of address: When applying for a loan, be prepared with documents that prove your residency status—Kansas, in this case. Common options include a property lease, rental agreement, or utility bills to your current address. Certain lenders are only licensed in specific states and will not lend to you if you’re not a resident of one of those states.
- Loan purpose and amount: Many lenders offering personal loans or installment loans in Kansas will ask how much money you need and why. Commonly accepted reasons include paying off medical bills, vacation costs, home improvements, car repairs, and emergencies.
Getting a line of credit or personal loan in Kansas—whether it’s an installment loan, payday loan, or another bad credit loan —does not have to be difficult. The traditional method is to apply through a bank or credit union. When you go this route, you may need to apply in person at a branch. Some traditional lenders also offer an online application process, though.
These days, you can also apply for loans online—especially if you’re going through an alternative lending option. Direct lenders like Jora offer a simple application process that you can do completely online.
Before completing an application, ask yourself the following questions:
- How much do you need and why? Never borrow more than what you need.
- How will taking out a loan help you? Think carefully about why you need the funds. Is it for an emergency or another financial hardship? Is it for something else?
- Can you afford the monthly payments? Use a calculator to figure out how much your monthly payments will be. Make sure you can afford them, as missing even one payment could hurt your credit score.
- What are my other options? See if you qualify for other forms of financing. Or, if you do not need the money right now, see if you can wait before applying for one.
Once you’ve decided it’s the right time to take out a personal loan, find a licensed and reputable lender in Kansas. If you’re interested in comparing lenders, you can use an online marketplace.
Part of shopping around for the right loan for you means checking what different lenders offer and reviewing their income and credit requirements. Compare their interest rates and repayment terms. See if they charge any additional fees like prepayment or origination fees since these can add to the total cost of your loan. Keep in mind that Jora does not charge hidden fees.
If you’re thinking about taking out an installment loan for bad credit or a line of credit, here’s what you can expect from Jora’s simple application process:
- Create an online account and complete the application. This 100% online process only takes a few minutes and requires some basic personal and identification information. This includes your full name, email address, SSN, date of birth, and state of residence.
- Provide additional info. You may need to include your bank’s routing number and checking account number. You might also be asked to provide your driver’s license or state-issued ID number.
- Submit your application. Oftentimes, Jora can make a credit decision on your application within a couple of minutes. If approved, accept the offer and receive the funds directly in your bank account. If you apply by 10:30 a.m. Central Time (Monday through Friday), you could receive funds the same day.*
Some lenders offer a prequalification option, which lets you check your rates and terms without affecting your credit. When you apply for a loan, your lender might perform a hard credit inquiry. This could cause your score to drop by a few points, though you can bring it back up after with good payment activity.
There are two main types of personal loans: secured and unsecured. Here’s how they differ:
- Secured personal loan: Most secured loans are easy to get because they do not require good credit to qualify. They might also have more relaxed income and debt requirements. However, they do require collateral—typically an asset like a house or paid-off car—in exchange for funds. The collateral serves as a security deposit that the lender can use if you do not make payments.
- Unsecured personal loan: The biggest difference between secured and unsecured personal loans is that unsecured loans do not require collateral. Instead, most lenders rely on your credit score, income, and other factors to make their decision. That said, you could still qualify for an unsecured loan through online lenders like Jora—even with poor credit.
Personal loans, whether they’re secured or not, come with some level of risk. If, for example, you fail to pay back what you owe, you could hurt your credit score or incur additional fees. You could also reduce your chances of qualifying for other forms of credit in the future. And, if you still do not pay, the lender could sell your account to collections.
Weigh the pros and cons of taking out a new loan beforehand to make sure it’s the best decision for you. Make sure you can comfortably afford the monthly payments, too.
A line of credit is a versatile borrowing option that allows you to access funds up to a predefined credit limit. It functions as revolving credit, meaning you can borrow and repay funds as needed, up to your approved limit.
One of the key benefits of a line of credit is its flexibility. Unlike a traditional loan, where you receive a lump sum upfront, a line of credit lets you borrow only what you need, when you need it. This means you have access to a pool of funds that you can draw from as the need arises.
Another advantage is the ease of accessing funds. Once approved, you can access your line of credit online through a linked bank account. This allows you to conveniently withdraw money or make purchases whenever you need to, without delay.
Whether you're facing unexpected expenses or want a safety net for emergencies, a line of credit can provide the financial flexibility you need. Jora Credit, an online direct loan lender in Kansas, offers lines of credit tailored to your specific needs.
Effective management is crucial for making the most of your line of credit while maintaining financial stability. Here are some tips to help you manage your credit responsibly:
- Borrow only what you need and can afford to repay. While having access to a line of credit is convenient, it’s essential to remember that it’s not free money. Borrowing excessively or beyond your means can lead to financial stress and difficulties down the road.
- Make timely payments. Late payments can result in additional fees and charges and negatively impact your credit score. Set up automatic payments or reminders to ensure you never miss a payment and maintain a positive credit history.
- Monitoring your credit limit. Exceeding your credit limit can result in over-limit fees and may harm your credit score. Regularly check your credit limit and track your spending to stay within your limits.
With Jora Credit, you can enjoy the convenience of accessing funds when you need them, without the stress associated with traditional loan applications. Apply for a line of credit in Kansas today and experience the freedom and flexibility it offers.
Your credit score plays a big role in your financing options. It can also affect your rates and terms. If you have good credit— 670 and above—you’re more likely to qualify for the best loan options with longer repayment terms and lower interest rates.
The following factors make up your credit score:
- Payment history: 35% of your FICO credit score is payment history. Your payment history shows lenders you can repay your debts on time.
- Credit history length: 15% of your credit score is your credit history—or how long you’ve had credit. The longer you’ve had credit, the better your credit can be.
- Credit utilization: 30% of your score is credit utilization. This is the percentage of credit that you’re currently using versus how much you have across all open accounts.
- Credit mix: 10% of your FICO credit score is due to your credit mix, or the different types of accounts—lines of credit, loans, etc.—you have.
- New Credit: The final 10% of your credit score is due to new credit and hard inquiries. Hard inquiries occur when a lender checks your credit report.
Negative marks and errors also play a role in your credit score. Common negative marks include foreclosure and bankruptcies. These can remain on your credit report for 7-10 years.
Errors on your credit report can also significantly lower your credit score and keep you from qualifying for financing. Some of the most common errors are misspellings, incorrect addresses, duplicate accounts, and incorrectly reported late or missed payments. An estimated 20% of American consumers have at least one error on their credit reports. Check your reports and, if you find any errors, dispute them.
You can get a line of credit of between $800 and $2,000 from Jora if you’re a new customer. As you make payments, you can request cash advances up to your credit limit without needing to reapply. Learn more about Jora or check out some resources.
It’s possible to receive funds the same day you apply, provided you accept your line of credit on a non-holiday banking day before 10:30 a.m. CT. If you apply after this, or on a holiday or weekend, you will typically receive funds the following business day.
Jora offers lines of credit and installment loans to borrowers with bad credit or limited credit history. You must provide proof of income and some basic personal and financial details when you apply. The information you provide may affect your approval odds and loan amounts.
Financing options in Kansas include personal loans, lines of credit, bad credit loans, and more. If you need cash for an emergency like a lost job or sudden bills, car repairs, or something else, you can find it through Jora.
Before applying for a personal loan or line of credit in Kansas, check the lender’s requirements, terms, and rates. Be prepared to provide some information regarding your identity, bank, and current income or job status. It’s also wise to do a fast credit check in advance so you know what you can qualify for and at what rates.