How to Compare Loans in Kentucky
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Online Payday Loans in KY
Payday loans provide crucial credit to consumers in need of quick financial services. With the current recession, many consumers are struggling through and cannot access tightened lending services at banks.
The statewide database records each loan via a social security number, address and other personal information. This serves as a protection to the borrower since he cannot have more than the legal limit of payday debt.
If you're looking for online payday loans in KY, compare with us first. At Financer.com you can compare loan offers, view lenders and rates side-by-side, and apply online in minutes.
The Advantages of Online Kentucky Loans
Kentucky Payday Loans Laws
The Kentucky Department of Financial Decisions regulates payday lending. The following are some of the restrictions in regards to fees and repayment terms.
The law concerning payday lenders only takes into consideration check cashers. All other forms are considered illegal in Kentucky State.
One of the peculiarities of this law is a statewide database which was introduced in 2010. This database allows authorities to easily monitor all transactions in regard to payday lending. It is a measure that has ensured lenders have clear terms and there is no way to bypass the law.
Kentucky Payday Loan Regulations
| Legal Status | Legal |
| Interest Rate (APR) | 460% |
| Max. Loan Amount | $500 |
| Min. Loan Term | Not specified |
| Max. Loan Term | 60 days |
| Number of Rollovers | 0 |
| Finance Charges | $15 per $100 |
| Database Tracking | Yes |
When it comes to online payday loans in KY, the following applies:
- No taking of more than 2 loans simultaneously every two weeks
- The maximum loan amount is $500
- Charges should not exceed $15 for every $100
- APR for a given loan of two weeks cannot exceed 459%
- Loans are not to be given for more than 60 days
- Rollovers are prohibited
There is no cooling off period in between loans. As long as you have finished repaying your Kentucky installment loan you are eligible for a new loan.
If you default a loan payment, a lender can charge only one non-sufficient fund fee. However, the amount is not specified by the law so since this up to a lender.
Get the Loan You Need
An online personal loan can help when you need cash for large purchases or unplanned expenses.
Kentucky Payday Lending Statutes
Payday loans in Kentucky are regulated by Stat. Ann. 286.9-010 et seq. and thus they are officially called “deferred deposit transactions” and should be officially licensed as check cashers.
In 2009, a law was passed to protect borrowers in the state of KY. One of the particulars of this law was a statewide database, called the Kentucky Deferred Presentment Transaction System.
It allows authorities to keep track and easily monitor all the payday lending transactions.
From July 2020, lenders are not required to check a borrower’s ability to repay a loan. The rule was changed by the Consumer Financial Protection Bureau (CFPB).
Why Compare Personal Loans at Financer.com
Compare Kentucky Loans at Financer.com
Financer.com helps you compare the best personal loans in Kentucky and get the best loan rates from leading lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan in Kentucky and take the guesswork out of doing all the legwork yourself.
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Loans in Kentucky - FAQs
How much does loans in Kentucky cost?
The cost for online payday loans in KY will vary by lender. However, the maximum APR allowed in Kentucky is 460%. This can often include fees plus the interest rate. According to Kentucky legislation, lenders may charge a maximum finance charge of 15% per $100.
Are payday loans legal in Kentucky?
Yes. Payday loans are allowed in KY up to a maximum of $500 per loan with a max APR of 460%.
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