Kentucky payday loan laws overview

Online Payday Loans Kentucky

An interesting fact about Kentucky is that during the Civil War, being a slaveholding state with a huge abolitionist population, the state of Kentucky was caught in the middle of Confederate and Union and supply both forces with thousands of troops. The state takes pride in producing some of the nation’s best whiskey, tobacco and horses. Among the state’s agricultural products are products like soybeans, corn, wheat, fruit, cattle, hogs and others.

The state of Kentucky has a population of roughly 4,425,092 residents which makes it the 26th state with a big population in America.

The state is also the 37th largest in the continent and has the longest cave system in the world. Nowadays, payday loans are becoming a go-to solution for most borrowers in Kentucky. Kentucky payday loans can be found available both online along with lenders’ stores. It’s easier than ever to avail loans in your area now. Talk to payday loan experts at (800) 961-5909


The laws and regulations

Kentucky laws regulations
Kentucky payday loan laws regulations

According to the Stat. Ann. 286.9-010 et seq law, payday loans in Kentucky is absolutely legal and lending companies can conduct their businesses with no legal issues. That same law, however, applies certain restrictions in the finance charges and fees, as well as the allowed amount and terms of every loan.

Moreover, the forms of payday lending other than check cashiers are illegal in Kentucky. Different states have different regulations, and a strange feature with Kentucky payday loan law regulations is its statewide database.

It allows monitoring of all payday interactions by the regulation authorities. So if necessary, they can find out all information regarding the loan quickly and easily. That measure leaves payday loan companies with no other choice but to follow the laws, giving them no chances to bypass it.

In Kentucky, a borrower cannot take a loan that surpasses the amount of $500, and borrowers are forbidden from taking more than 2 loans simultaneously. The length for a payday loan in Kentucky can’t be below 14 and above 60 days, no extensions are allowed.

Kentucky lenders

In Kentucky, you can find a payday lender’s office in almost every city and also you can send the application for one by going to the website and visit a lender’s store on the web. The addition of online applications for payday loans has made it accessible even to people who are unwilling or unable to visit a physical store.

Getting a loan in Kentucky is typically a great idea

Payday loans come with a number of benefits despite their reputation of being a risky choice for the borrowers.

  • They are easy to find

You probably have a lender’s store near your home or near the place you work. Otherwise, you can always submit your application online without even having to leave your chair.

  • Service is as fast as it gets

Service is as fast as it gets
Service is as fast as it gets

It is hard to find a lending option that can get you the money you need faster than payday loans. While you’d most likely have to wait days or even weeks when taking out a loan from a traditional bank, with payday loans you get your cash within hours, or if you apply for your loan online, you are able to get your cash by the next business day.

  • It is ok if your credit isn’t too good

Having bad credit has always been something that makes people feel helpless when it comes to borrowing money. Kentucky payday loans could be a breath of fresh air for those who have a poor credit score.

This is because payday lending companies don’t look at the credit score when deciding whether to grant you a payday loan or not. A borrower just has to make his payments on time, he will probably be approved for a loan.

  • Money is yours to spend

Traditional banks tend to set restrictions on how you can spend the loan they are giving you. You get the freedom to spend it how you would like with a payday loan.

The only limitation is to not spend it on something illegal. You can use the money to pay for car repairs, fix the leaky roof of your house or settle medical bills.

Payday loans fees and charges in Kentucky

In case you thinking of requesting payday loans in Kentucky, there are things you may want to know to help you make a more informed choice.

  • APR

A $100 payday loan for two weeks for a payday loan in Kentucky cannot exceed  459%.

  • Interest

Loans interest
Kentucky payday loans interest

In Kentucky, Interest charges for every $100 borrowed should not be more than $15.

  • Cash charge

  • Finance charge on a $100 payday loan given for a period of 14-days cannot exceed $17.65
  • Collection fees

In case your payment has been declined in Kentucky, the lending company cannot charge you with more than one NSF fee. Moreover, it can only charge this fee if it clearly states in the loan contract that such a fee is applicable.

  • Rollovers

According to Kentucky payday loan laws, lending companies are strictly prohibited from rolling over the loans because of nonpayment of the debt.

Requirements in this state

Payday loan requirements
Payday loan requirements

To qualify for payday loans in Kentucky, you must meet the requirements below:

  • You need to be a legal adult
  • You have to have American citizenship or be a permanent US resident 
  • To show you’ll be able to make your payments you must have a decent income

To send an application, you must have:

  • Your full name, birthday, and social security numbers
  • Email address, phone number, and home address
  • Details regarding your income status along with employment

Cities in Kentucky for lenders with payday loan offers:

  • Albany
  • Alexandria
  • Allen
  • Ashland
  • Barbourville
  • Bardstown
  • Beaver Dam
  • Benton
  • Berea
  • Betsy Layne
  • Bluehole
  • Bowling Green
  • Burkesville
  • Burlington
  • Campbellsville
  • Campbellsvlle
  • Caney
  • Carrollton
  • Centertown
  • Central City
  • Clay City
  • Cloverport
  • Cold Spring
  • Columbia
  • Corbin
  • Covington
  • Crescent Springs
  • Crown
  • Elizabethtown
  • Florence
  • Frankfort
  • Henderson
  • Hopkinsville
  • Lexington
  • Louisville
  • Nicholasville
  • Owensboro
  • Paducah
  • Radcliff
  • Richmond