Understand how payday loans in Kentucky work before you consider applying for one.
Kentucky is the 37th largest state in the US and its 26th most populous. People commonly refer to it as the Bluegrass State because of the fertile bluegrass pastures found across the state. Kentucky has the world’s longest cave system, the Mammoth Cave National Park; the two largest man-made lakes east of the Mississippi; as well as the greatest length of navigable waterways and streams in the contiguous US.
Historically, the economy of Kentucky depended largely on agriculture. In the modern day scenario, auto manufacturing, medical facilities, and energy fuel production are significant contributors. In 2015, the total gross state product of Kentucky was $192,874,000. In February 2016, the unemployment rate of this state was 5.8%.
If you’re thinking about applying for a payday loan (also often known as a cash advance or a payday advance) in Kentucky, go through this guide first.
Are payday loans legal in Kentucky?
Yes, payday lending in Kentucky is legal. Kentucky Revised Statutes 286.9.010 et seq. governs the functioning of all payday lenders in this state. Under those laws, a lender cannot require you to provide security for a payday loan. It also cannot require you to provide guaranty through another person.
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 upon 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!
A selection of loans you can apply for
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. The cumulative total of all your existing payday loans cannot exceed $500.
If you end up paying higher than legally permissible interest, you or your legal representative can initiate action to collect the excess interest paid.
What are the benefits of a Kentucky payday loan?
- Multiple choices. A number of online direct lenders provide payday loans to residents of Kentucky. Some also have store-fronts that you can visit. If you’re not sure about which direct lender to go with, you can seek assistance through a loan matching service for free.
- Apply with bad credit. If you have poor or bad creditworthiness and wish to get a conventional loan, you might not be eligible. While payday lenders might look at your credit score before making a decision, they also assess aspects such as your existing financial situation and your ability to repay.
- Quick and easy process. Applying for a payday loan should take no more than a few minutes, whether you apply online or in-store. A number of direct cash lenders in Kentucky make use of the latest in technology to verify your credentials online. Depending on the lender you choose and the time of day you apply, you can get your hands on the money you need on the same day or by the following business day.
- Use money for different reasons. There are no real restrictions when it comes to using the money you get through a payday loan, as long as it goes towards legitimate purposes.
What fees and charges do Kentucky payday lenders charge on loans?
Kentucky payday loans laws set limits on how much your loan can end up costing. Here’s what you need to know:
- Maximum finance rate and fees. A payday lender in Kentucky cannot charge more than $15 per $100 advanced as service fees. It can also charge a $1 database fee. The maximum finance charge for a 14-day $100 loan is $17.65. The maximum APR of a 14-day $100 loan is limited to 459%.
- Collection fees. A payday lender can charge one NSF fee. It can charge this fee only it sets forth the circumstances in which the fee applies within the loan contract.
- Rollover fees. You cannot rollover a payday loan in Kentucky, so rollover fees don’t apply.
How can I apply for a payday loan in Kentucky?
Getting an online payday advance in Kentucky is one option, or you can apply by visiting a store-front. In both cases, you have to meet these eligibility criteria:
- You are over 18 years of age
- You are an American citizen or a permanent resident of this country
- You have a regular job
In order to complete the application successfully, you have to submit some basic information:
- Your name, phone number, residential address, and email address
- Your social security number and details from an acceptable form of ID
- Details about your employment
- Details about your income and pay schedule
Important information about payday loans
While payday loans can be beneficial for many people, they aren’t always the best option for everyone. Follow the link for more information.
Have any more questions about Kentucky payday loans?
What is the loan term of payday loans in Kentucky?
The loan term of Kentucky payday loans can be 14 to 60 days.
Do KY payday loan laws allow renewal of loans?
State-specific laws don’t permit renewal of payday loans in Kentucky.
Who should I contact if I wish to report irregularities about direct cash lenders in Kentucky?
You should get in touch with the Kentucky Office of Financial Institutions.