Kentucky Payday Loans Law

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 most populous state in the United States.

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


Kentucky payday loans laws regulations

Kentucky payday loan laws regulations

Kentucky payday loan laws regulations

According to the Stat. Ann. 286.9-010 et seq law, payday loan lending in the state of 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 the state of 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 of any given payday loan in the state of Kentucky must not be below 14 and above 60 days, no extensions are allowed.

Kentucky payday loans lenders

In the state of Kentucky, you can find a payday lender’s office in almost every city and also you can submit an application for one by going online and visiting 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.

Taking out a payday 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

It is most likely that you 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 do not have a good credit score.

This is because payday loan lending companies do not look at the credit score when deciding whether to grant you a payday loan or not. As long as the borrower is able 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. With payday loans, you have the freedom to do whatever you want with it.

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 a payday loan in Kentucky, there are some things you may want to know to help you make a more informed choice.

  • APR

The annual percentage rate for a two-week $100 payday loan in the state of Kentucky cannot exceed  459%.

  • Interest

Kentucky payday loans interest

Kentucky payday loans interest

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

  • Finance 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 loans laws, payday loan lending companies are strictly prohibited from rolling over or renewing the loans in case of nonpayment of the debt.

Payday loan requirements in the state of Kentucky

Payday loan requirements

Payday loan requirements

To be eligible for a payday loan in Kentucky, you must meet the following requirements:

  • You need to be at least 18 years old or older
  • You have to be an American citizen or a permanent resident of the US
  • To show you’ll be able to make your payments you need to have a steady income

To complete your application, you must provide the following information:

  • Your social security number, name and date of birth
  • Phone number, home and email address
  • Employment details and income status

Cities in Kentucky where you can find payday loan lenders:

  • 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