Payday loans in Kentucky | finder.com
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Compare your loan options in Kentucky

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Payday loans can be costly, so consider the local laws before you apply.

When you’re in a tight spot financially, you might just need a few hundred dollars to cover an emergency expense. If you live in Kentucky, you can apply for a payday loan of up to $500 to help you out of a short-term situation.

Our top pick: OppLoans Installment Loans

  • Min. Loan Amount: $500
  • Max. Loan Amount: $5,000
  • Turnaround Time: 1 business day
  • Loan Term: 9 to 36 months
  • Requirements: Direct deposit, meet minimum income requirements
  • Easy online application
  • Quick approval
  • Fast funding
  • Long repayment terms

Our top pick: OppLoans Installment Loans

Comes with the option to change your due date so you won’t fall behind on repayments.

  • Min. Loan Amount: $500
  • Max. Loan Amount: $5,000
  • Turnaround Time: 1 business day
  • Loan Term: 9 to 36 months
  • Requirements: Direct deposit, meet minimum income requirements
Promoted

How does getting a payday loan in Kentucky work?

Kentucky Revised Statutes Ann. §§ 286.9.010 et seq. govern the functions payday lenders. Under these laws, the maximum you can borrow through a cash advance in Kentucky is $500. A lender cannot provide more than two payday loans to a customer at any one time. And the cumulative total of all your existing payday loans cannot exceed $500.

  • Maximum loan amount: $500
  • Loan term: 14 to 60 days
  • APR: The APR for a 14-day $100 loan is 459%

Before you borrow, remember that payday loans are costly forms of credit and should only be used for short-term emergencies, not long-term financial troubles.

Lawmakers seeking to further regulate lenders.

Because payday lenders have had predatory practices in the past and many have disobeyed Kentucky state law regarding how much a person can borrow, lawmakers are seeking to increase the fees they charge payday lenders for violating the law. In addition, despite some stores having been cited multiple times for illegal activity, none have been shut down.

With new technology in place to scan for suspicious transactions, the number of citations has gone up, protecting consumers from lenders that might have allowed them to borrow more than the legal amount.

Familiarize yourself with Kentucky laws–how much you can borrow and how much a lender can charge in fees–before borrowing. If your lender is trying to act under the law, contact the Kentucky Office of Financial Institutions.

Consider these lenders for a short-term loan

Updated September 15th, 2019
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
$35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
$5,000
1 business day
Direct deposit, meet minimum income requirements
Comes with the option to change your due date so you won’t fall behind on repayments.
$2,600
1 to 2 business days
Active checking account, regular source of income, email address
Get access to tools to help you plan a career move, make some extra cash or search for a better-paying job.
$50,000
Same business day to 1 business days
Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
Get a flexible installment loan with fast funding through one easy online application form.
$3,000
1 business day
Checking account, $1,500+ monthly income, recent pay stub, live in eligible state, 18+ years old
Financing with transparent terms to residents of five states.
$15,000
Same business day to 1 business days
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
$10,000
As early as 1 business day
$1,000+ monthly income after taxes, valid checking account
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
Varies by state
1 business day
Regular source of income, bank account, US citizen or permanent resident, ages 18+
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.

Compare up to 4 providers

What fees could I be charged for a payday loan in Kentucky?

Kentucky payday loan laws set limits on how much your loan can end up costing. Here’s what you need to know:

  • Finance Fees: $15 for every $100 borrowed and a $1 database fee
  • Finance Charge: A 14-day $100 loan has a charge of $17.65
  • Collection fees: One non-sufficient funds (NSF) fee; must be disclosed in contract

If you aren’t sure you’ll be able to afford a payday loan, don’t take one out. Instead, consider some of your local options that can help make your regular bills easier to afford, like the Supplemental Nutrition Assistance Program (SNAP) or the Low Income Home Energy Assistance Program.

Consider less-expensive alternatives to a payday loan

How do I apply for a payday loan in Kentucky?

You can get a payday loan online or in-store, but you’ll need to be at least 18 years old, an American citizen or permanent resident and have a regular source of income in order to qualify for most payday loans. You should also be prepared to supply your Social Security number, details about your employment and other personal information in order for the lender to confirm your identity.

If you’re applying online, a lender may request access to your checking account in order to deposit your loan and debit your payment when the loan is due.

Bottom line

If you’re in need of quick cash, a payday loan may be an option for you. It can provide funding for an unexpected expense — and if you can pay it off by the due date, you won’t face extra fees or charges. Keep in mind, though, that some illegitimate lenders don’t operate by the law. You’ll need to keep a lookout for lenders that follow all the rules laid out by Kentucky so you don’t find yourself in seemingly endless cycles of debt.

Do you have any more questions about payday loans in Kentucky?

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4 Responses

  1. Default Gravatar
    AngelaDecember 4, 2017

    I live in Ky but unfortunately, I don’t have a checking or savings account, where can I get a loan? I have prepaid cards, can the money be loaded to them?

    • Avatarfinder Customer Care
      RenchDecember 4, 2017Staff

      Hi Angela,

      Thanks for your inquiry. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.

      Payday lenders are typically more concerned with your ability to repay the loan. If you can provide proof of income, they’re less likely to be concerned about your lack of a bank account. You can have a look at this page for personal loans that you can compare that don’t require a bank account.

      You may receive the loan through a prepaid debit card of in-store cash pickup. You may get more info about this from the page that I provided.

      Cheers,
      Rench

  2. Default Gravatar
    GarryOctober 18, 2017

    Can I get out of paying off a payday tribal loan I borrowed 9hundred dollars and have already paid about 2000 back and still owe about600 in automatic drafts of 275.00 every two weeks and it never goes down much and I don’t know how much longer this will go on.please advise i’m going broke.

    • Avatarfinder Customer Care
      MariaOctober 19, 2017Staff

      Hi Garry

      As finder is a financial comparison website providing general information, we are not permitted to provide our users with personalised financial advice.

      You may find useful information on this page on our Tribal Lending Guide.

      Also, this page on How To Repay Your Short Term Loan might help.

      Best,
      Maria

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