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Payday Loans Kentucky

Kentucky State – Payday Loans Information

Payday loans Kentucky are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.

Legal Status: Legal (Applies to check cashers only)

Loan Terms:

Maximum Loan Amount: $500

Loan Term: 14-60 days

Maximum Finance Rate and Fees: $15 per $100 on face value of check + $1 database fee

Finance Charge for 14-day $100 loan: $17.65

APR for 14-day $100 loan: 459%

Debt Limits:

Maximum Number of Outstanding Loans at One Time: Two ($500 aggregate loans outstanding to all licensees)

Rollovers Permitted: None (cannot renew, rollover, or consolidate for a fee)

Cooling-off Period: None

Repayment Plan: N/A

Collection Limits:

Collection Fees: One NSF fee (if disclosed)

Criminal Action: Prohibited

Call for Cash: +1 (855) 462-5019

State Regulator

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