Payday loans can be confusing, so be sure you know the 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.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure!
What does a payday loan in Kentucky involve?
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 payday loan
Check the websites of any providers you’re interested in to confirm they operate in Kentucky.
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 Suplemental Nutrition Assistance Program (SNAP) or the Low Income Home Energy Assistance Program.
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.
If you’re in need of quick cash, a payday loan may be a good option for you. It can providing 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 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.