Line of Credit in Kansas
Getting access to money when you need it is easy with a MoneyKey Kansas Line of Credit. A Line of Credit is a borrowing option that gives you access to any amount of funds up to your credit limit. It is a revolving loan that, unlike a traditional payday or installment loan, remains active even after you have paid it down to a zero balance. This means that when you pay off your balance, you don’t have to submit a new application. Instead, you can continue to withdraw money up to your available credit limit.
We make applying for an online Line of Credit in Kansas fast and secure. Our friendly and knowledgeable Customer Care agents are available 7 days a week to assist you throughout the application and repayment process. They can answer any credit-related questions you may have.
Understanding the Line of Credit
Unlike a traditional installment loan, you only need to apply once for a MoneyKey Kansas Line of Credit. If you are approved, you will have access to funds up to your credit limit, regardless of how many draws you make.
Line of Credit Amount
The amount of your Kansas Line of Credit will range between $200 and $1,000. After we review your application, we’ll let you know if you’re approved and how much you may qualify for.
Line of Credit Cost
You will be charged interest and fees when you use a Line of Credit in Kansas.
You will be charged interest on the Outstanding Principal Balance of your Line of Credit at a daily rate of 1.09315% . The corresponding annual percentage rate (APR) is 399%. This interest is only charged on the amount you use (the Outstanding Principal Balance), not your total credit limit.
There is also a 15% cash advance fee charged on the amount drawn, each time you draw funds from your Line of Credit.
Making a Draw
You can withdraw the total credit available to you all at once, or in smaller amounts over time as you need it. When you request a draw, we will typically deposit the funds in your account the next business day*.
Making a Payment
Before your due date, you will be issued a Periodic Statement outlining how much you owe. You are required to make your Minimum Payment by your due date, and you can also pay more to pay down your Outstanding Principal Balance.
Your Minimum Payment
Your Minimum Payment for each Billing Cycle will consist of 3 components:
The exact amount of your Minimum Payment and the corresponding due date will be outlined in your Periodic Statement.
Outstanding Principal Balance
This is the amount of money you’ve used or borrowed on your line of credit, not including any interest and/or fees you may owe.
The period of time between periodic statements. Your periodic statement is generated a day after the billing cycle ends.
Periodic statements contain a listing of all transactions, fees, and interest within a Billing Cycle. Your first statement will typically be generated on your first pay date after you make your first draw. Subsequent statements will be generated on each due date. You can access and download your periodic statements from your online MoneyKey account.
Required Principal Payment
Your Minimum Payment includes a mandatory contribution towards your Outstanding Principal Balance – this is your Required Principal Payment.
If you receive your income weekly, bi-weekly or semi-monthly, your Required Principal Payment as shown on your periodic statement will be 5% of your Outstanding Principal Balance as of the end of each billing cycle.
If you receive your income monthly, your Required Principal Payment as shown on your periodic statement will be 10% of your Outstanding Principal Balance as of the end of each billing cycle.
MoneyKey – KS, Inc., is a Supervised Lender licensed by the State of Kansas, Office of the State Bank Commissioner, Consumer and Mortgage Lending Division. The Line of Credit will be governed by all applicable laws of the State of Kansas.
Line of Credit in Kansas: Frequently Asked Questions
To qualify for a Line of Credit in Kansas, you must:
- Be at least 18 years old
- Be a US citizen or a permanent resident
- Be a resident of Kansas
- Have an active bank account
- Have a regular source of income
- Have a valid contact number and an active email address
Please note that we currently do not offer credit products with rates that allow us to lend to covered members of the US armed forces and their dependents.