The Best Loans in Kentucky 2023: Compare Loan Rates

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.

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 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).

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.