In Kansas, the legislature has the authority to regulate cash advance practices. Loan splitting, or the act of dividing one loan into two individual loans and then requesting fees for both is prohibited. A borrower is allowed to have two outstanding loand at a time. A payday loan company is barred from having more than two loans outstanding to the same customer at one time and may not issue more than three loans to any one customer within a 30-day term. Under Kansas law, a check cash advance lender has a private right of action; however, it cannot bring a criminal prosecution against a borrower.
A borrower may request up to $500 in payday loan funds.
The maximum payday loan term is 30 days.
Kansas law does not specify whether extensions or rollovers are permitted.
A cash advance business may not charge more than 15% of the loan amount. The finance fee for a two-week payday loan in the amount of $100 is $15.
The APR for a two-week payday loan valued at $100 is 390%.