Kentucky Payday Loans

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 Kentucky payday loans of up to $500 to help you out of a short-term situation.

Are payday loans legal in Kentucky?

Yes according to the law, Kentucky payday loans are legal and as such Kentucky payday loan companies have rules they must follow. It means that companies must obtain a license for every location they operate and there are rules regarding interest rates, max loan amounts and so son.

How does getting a payday loan work in Kentucky?

Kentucky Revised Statutes Ann. §§ 286.9.010 et seq. govern the functions of 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
  • Length of loan term: 14 to 16 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.

Can I rollover my loan?

No. Kentucky law bans rolling over or refinancing payday loans for a few, however, some lenders may offer a repayment plan. Kentucky also doesn’t require a cooling-off period between loans, but it’s still in your best interest to avoid taking our one loan after another.

How long does it take to get a payday loan?

Payday loans are designed to be quick in all aspects. In most cases, the application takes only a matter of minutes to complete. The approval process and transfer of your loan are done in just a few short hours; most people are able to access their payday loan by the following business day.

Applying for a payday loan

You can get a payday loan online, 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.