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If you have bad credit and need some extra cash to make it to your next payday, a payday loan may be able to help. Before you get started, go over Kentucky’s regulations to make sure your lender is working legally.
Payday lending is legal in Kentucky under Revised Statutes 286.9.010 et seq. Frankfort doesn’t have any specific ordinances that further regulate loans, so you’ll only have to know Kentucky’s payday loan regulations when you want to borrow.
You can borrow up to $500, and terms last between 14 to 60 days. When possible, attempt to negotiate a longer term with your lender so you have more time to pay back what you owe.
The maximum financing fee you can be charged is $15 per every $100 you borrow. This means a $500 would end up costing you $576 — after you add on the $1 database fee.
Kentucky law doesn’t allow for rollovers or refinancing, so be sure you can repay your loan amount before you borrow to avoid collection fees and extra debt.
The exact process will depend on if you choose to shop online or visit a storefront location. For online applications, follow these steps:
If you choose to apply in person, you’ll have to bring proof of your identity and income with you.
Payday loans may be available in Frankfort, but make sure you understand Kentucky’s regulations before borrowing. And to avoid getting caught in a cycle of debt, you may want to consider one of these payday loan alternatives first.
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