Title Loans in Kansas: A Complete Guide to Getting One
Getting an auto title loan in Kansas is not as hard as you think. It's simple (and you might not even need to go to Kansas City!)
Established lenders understand Kansas residents sometimes need money unexpectedly. And they're ready to give you the funds you urgently need in exchange for your title, at least until you pay them back.
Looking to get a title loan? Allow us to quickly guide you through the ENTIRE LOAN PROCESS.
We'll start with the requirements, the application and approval process itself, and end with the answers to some questions borrowers frequently ask. Let's jump right in.
Kansas, known as "The Sunflower State," features a prominent sunflower on its state flag.
For one, these ultimately depend on the lender you choose. Don't worry we'll discuss that later on.
That said, we listed below the things you should start looking for so you're not blindsided when you actually apply for the loan.
We divided them into two categories so it's easier to remember. Think of them as information about you and information about your vehicle.
Personal Details and Identification
Of course, the lender will start with the basics.
Regardless of whether you live in Kansas or not, they'll ask for your full name, contact number(s), email, date of birth, and address.
The lender can get most of these from a driver’s license, an international passport, or any Kansas state-issued identification.
If they're not satisfied, they may ask for references. Say, a handful of professional and personal references.
You would have to give them the names of these people who know you. And tell them how you're related, where they live, and their contact details.
Next, you'd have to provide some proof of your ability to pay the loan amount.
That makes sense, right? They want to make sure you can get the money they'll loan you for your needs. Think of this as a pseudo-credit check, if that helps.
Income for car title loans in Kansas doesn't even have to be steady or from regular employment. They consider payments from:
- Social security
- Child support
ABOUT YOUR VEHICLE
Make sure you've got at least one document indicating the year, make, and model of your vehicle.
The loan application may also ask for mileage and recent photos. If you're applying online all throughout, this will substitute for on-site inspection.
The lender needs all this to assess the value of your vehicle. That assessment of your collateral will be used to calculate the cash you can get. Even title loans need a basis.
It goes without saying, you'd need to have the title on your person to get title loans.
You'll be asked to present or hand over a lien-free car title with YOUR NAME LISTED on it. Yes, you need to be the registered owner of the title.
And again, the title of your collateral should be free and clear.
Now, this isn't a hard requirement for car title loans.
Even so, it could help with your application if you've got proof of full coverage auto insurance.
It can even increase the loan amount you'll get and basically add value to your collateral. Anything that makes your title more attractive, right?
How to Apply for Car Title Loans in Kansas
Step 1: Choose a Loan Lender
You can do this by yourself or you can consult a financial expert to help match you with a lender. You'd probably have to spend for that expert, though.
Don't worry, we'll help you do things for yourself. Most of these will be what we've already included in this article but it wouldn't hurt to confirm with the company itself.
- Requirements (documents and inspection)
- Credit check
- Interest rates
- Repayment terms
The most important among these are the interest rates. Expect interest rates for car title loans to be anywhere from 15-300% APR. What's APR?
The annual percentage rate, as the name implies, is the simple interest rate for a year (as opposed to monthly).
You can even already inquire at this point if they require a bank account or if they're fine with money transfer providers such as MoneyGram.
Step 2: Apply for a Car Title Loan
Fill Out the Application Form
The application for car title loans nowadays is all about convenience. You can fill out the form online or get one from the store. Turn in the completed form for the loan and you're approved.
Then, Submit the Paperwork.
Now, we've prepared you for this. To get your loan after approval, bring in your ID, proof of income, vehicle title, vehicle registration, and vehicle insurance papers (if any).
Step 3: Receive Your Money
After handing all that in, all you have to do is wait for verification.
You can even do the waiting in the comfort of your own home. You see, most lenders deposit the loan proceeds to your bank accounts. No need to drive to Kansas City for your loan.
Don't have a bank account? They can also send loans via MoneyGram.
And, that's it! Now you know how to get a title loan in Kansas state. All in three easy steps. (By the way, did you notice they spell C-A-R?)
Now, let's answer some questions you may still have about car title loans just so we're clear about everything.
FAQ #1 Can You Still Drive Your Car?
YES! We've said it before but we'll say it again.
You absolutely still get to drive your car home even if you've used it as collateral for title loans. You won't leave it in Kansas City! You can verify this info with your lender too.
FAQ #2 How Much Money Can Lenders Give You?
The cash available for you to borrow depends on the value of your vehicle. Title loan regulations also vary per state.
But in general, the cash you'll receive can range from $100 to $50,000.
FAQ #3 Do Lenders Look at Credit Score?
We've talked about credit already but it wouldn't hurt to reiterate. No credit information or sensitive personal information (like your social security number) is required for title loans.
But you should know, some lenders in Kansas City still do credit checks. That's why Step 1 is important.
Having said that, this is where title loans differ from bank loans.
Credit checks are not dealbreakers when it comes to Kansas title loans. You won't get rejected just because you have poor credit or bad payment history.
Nevertheless, your ability to repay is perhaps the most crucial factor here.
FAQ #4 What If You Can't Make a Payment?
Financial situations don't always improve. If that happens, borrowers will find that most lenders in Kansas agree to extend the payment or roll over the loan.
Lenders ask for the cash back within 30 days but this can be extended on a case-by-case basis. Maybe with an installment plan, if needed.
However, if things get really bad, you might be looking at a possession.
FAQ #5 What About Payday Loans?
Yes, payday loans can also get you cash advances. But in terms of the amount?
They're among the financial solutions which offer the least amount of money. A lot find this an inadequate source of funds.
Title loans can get you out of your financial bind. Residents of Kansas City or not.
It's a quick way to get cash, definitely. But not one without risks. We gave you the good and the bad of title loans in this guide so that you're ready for anything. We hope you find the car title loan that suits your needs!