Kentucky Payday Loans

Kentucky cash  loans are subject to several laws and regulations to govern the trade. These orders are set up to protect consumers as well as keep the trade fair for all parties involved. To help consumers with their application, offers comprehensive information about cash advance transactions within the state. We ensure that all information provided here is up to date; giving you the data you need to make the most out of each transaction. welcomes feedbacks, comments and any questions you might have about Kentucky short-term loan laws.

Payday Loan Process in Kentucky

Payday loan process in Kentucky starts by filling in the form required by the lender and sending the requirements via fax, email or other means. The requirements often asked for by lenders include:

  • Proof of citizenship
  • Proof of employment
  • Minimum salary requirements
  • Check or savings account

All borrowers must be 18 years old or more. Depending on the lender, the minimum salary requirement can be anywhere between $800 and $1000. Creditors also offer leeway for special cases such as bad credit, retired borrowers or those who are on welfare. Many Kentucky lenders can be reached through the internet. Approval time usually takes less than a week with deposits made immediately to the checking or savings account.

Kentucky Payday Loan Laws and Regulations

Following are the specific limitations enforced by the authorities on payday loan lenders:

  • Maximum loan amount: $500
  • Loan Term: 14 to 60 days
  • Finance charge for a $100 loan in 14 days: $17.65
  • APR for a $100 loan in 14 days: 459%
  • Maximum finance rate and fees: $15 for every $100 check face value plus database fee of $1
  • Collection fees: One NSF fee
  • Maximum outstanding loans allowable at a time: Two, but no more than $500

The state of Kentucky does not permit rollovers, preventing borrowers from consolidating or renewing their payday loan. There is also no cooling off periods which allows individuals to get payday loans one after another.

Kentucky Consumer Protection

Payday loan consumer protection is handled by the Kentucky Office of Financial Institutions. Any complaints or questions must be directed to their offices.

The regulatory board can also be reached through email or through their official website. As further warning to consumers, individuals are advised to familiarize themselves with the laws concerning payday loans. Inquiries to the regulators regarding specific lending practices are encouraged to ensure protection of the consumer.


Kentucky Payday Loan Alternatives

Alternatives for payday loans are available for those who prefer less risky forms of borrowing. First off, you can seek help from friends and family if the needed amount is low. You can also try pawning off items or selling them directly. Some employers allow cash advance loans that are simply subtracted from next month’s payment. Some credit cards also offer advances, and for larger cash flow needs, a bank loan is typically better in terms of interest rates.

Payday Loans cities in Kentucky:
Ashland Barbourville Bardstown
Bowling Green Cadiz Campbellsville
Carrollton Central City Cold Spring
Corbin Covington Crab Orchard
Crescent Springs Crestwood Crittenden
Cynthiana Danville Dry Ridge
Elizabethtown Elkton Flatwoods
Florence Fort Campbell Frankfort
Franklin Ft Mitchell Fulton
Georgetown Glasgow Grayson
Hardinsburg Harlan Harrodsburg
Hazard Henderson Hopkinsville
Hustonville Irvine Jackson
Junction City Kevil La Grange
Lawrenceburg Lebanon Leitchfield
Lewisport Lexington London
Louisville Madisonville Magnolia
Marion Mayfield Maysville
Middlesboro Monticello Mount Sterling
Mount Vernon Murray Owensboro
Owenton Paducah Paintsville
Paris Pembroke Perryville
Pikeville Prestonsburg Princeton
Providence Richmond Russellville
Shelbyville Shepherdsville Somerset
Springfield Stanford Trenton
Vine Grove Warsaw Winchester

Get Started Right Now!

ZIP Code:
First Name:
Last Name:
By submitting your information you understand and agree to our Privacy Policy and Terms of Use.

Find Payday Loans by State

Loans by state