Compare Loans in Kentucky

If you are looking to take out a loan, compare the Kentucky online loan rates first here in Financer.com. We help you find the best loan option, and below you can read more in detail about the Kentucky loan laws.

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Amount: $1,000 | Period: 6 Months
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recommended

Chosen 49,028 times

recommended

Chosen 49,028 times

Loan Amount

$1,000

APR:

5.99% - 35.99%

Total Payment

$1,017.54

for 6 months

Monthly payback

$169.59

for 6 months

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Customer type:

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Borrow up to

$35,000

Estimated Payback

09/11/2021

Weekend Payout

Age

18

62 Reviews

Interest & Costs

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Support & Service

recommended

Chosen 70,713 times

recommended

Chosen 70,713 times

Loan Amount

$1,000

APR:

5.99% - 35.99%

Total Payment

$1,017.54

for 6 months

Monthly payback

$169.59

for 6 months

Most chosen

Customer type:

All

Borrow up to

$5,000

Estimated Payback

09/11/2021

Weekend Payout

Age

18

25 Reviews

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

Chosen 20,972 times

Chosen 20,972 times

Loan Amount

$1,000

APR:

5.99% - 35.99%

Total Payment

$1,017.54

for 6 months

Monthly payback

$169.59

for 6 months

Best reviews

Customer type:

All

Borrow up to

$35,000

Estimated Payback

09/11/2021

Weekend Payout

Age

18

9 Reviews

Interest & Costs

Flexibility & Terms

Website & Functionality

Support & Service

Important

Please note that loan amounts, interest rates and other loan terms may vary according to your state and credit profile.

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$1,000
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kentucky loans

Kentucky Payday Loans Laws

Kentucky payday loans 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 Cash Advance Terms and Conditions

  • 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.

How Kentucky Installments Loans Can Be of Help

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.

Limitations of Lenders in Kentucky

  1. Lenders cannot deceive consumers about the actions to be taken in case of default
  2. Lenders are prohibited from harassing borrowers
  3. No third party collectors allowed
  4. Threats of criminal prosecution not allowed
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