Must read: 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.
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?
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.
There are lenders that allow loans without a bank account. If you are able to meet all their eligibility requirements and have a good credit standing, you will have a high chance of getting approved for a loan.
You may receive the loan through a prepaid debit card of in-store cash pickup but it’s best to check further details about your loan directly with your lender.
Cheers,
Rench
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.
Hi Garry
As Finder is a financial comparison website providing general information, we are not permitted to provide our users with personalized 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