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!
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:
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.
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:
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:
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:
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:
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.
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:
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.
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.