Payday loans in Kentucky | finder.com

Compare your loan options in Kentucky

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kentucky featured imagePayday 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.

OppLoans Installment Loans

OppLoans Installment Loans

Get fast funding up to $5,000 at reasonable interest rates.

  • Min. Loan Amount: $500
  • Loan Term: 9 to 36 months
  • Turnaround Time: As soon as 1 business day
  • Must be 18+ years old
  • No security deposit needed
  • Confidential and secure

    What 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

    Rates last updated December 15th, 2018
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Max. Loan Amount Turnaround Time Requirements
    CashUSA Installment Loans
    A connection service for quick cash loans up to $10,000.
    $10,000
    As early as 1 business day
    Must have a monthly income of $1,000+ after taxes and valid checking account.
    Jora Installment Loans
    Installment loans with repayment terms up to 30 months, depending on your state.
    $2,600
    1–2 days
    Must have an active checking account, regular source of income and email address.
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    $5,000
    1 business day
    Must have direct deposit and meet minimum income requirements
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    LendYou Short-term Loans
    Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
    $15,000
    1 business day
    You must be a US citizen or permanent resident, age 18+ and have a regular income.
    Check into Cash Payday Loan
    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
    $1,000
    1–2 business days
    You must be at least 21 and an American citizen and have a bank account, email address and phone number.
    ACE Cash Express Short-term Loans
    Quick payday, installment and title loans with no prepayment penalty and a 72-hour satisfaction guarantee. Funds can be loaded on an ACE Elite™ Visa® Prepaid Debit Card.
    Varies by state
    Generally receive the money the next business day
    Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.

    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?

      • finder 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.

      • finder 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

    US Payday Loans Offers

    Important Information*
    CashNetUSA Loan

    Apply for a short-term loan with an easy online application and dedicated customer service.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.

    LendYou Short-term Loans

    Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.

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