Payday Loans or “Quick Cash” loans come in real handy when you are short on cash. Today you can go to brick and mortar business for a payday loan or cash advance loan and you can even get online payday loans. The interest rates are a little healthy, but the speed and convenience of getting the cash quick to cover an unexpected expense overrides the costs.
These are the rules, laws and regulations of payday loans in Kentucky.
Kentucky Payday Loan Laws
Kentucky Legislation State Information
Payday Loan Legal Status: Legal (Applies to check cashiers only)
Citation:
Kentucky Rev. Stat. Ann. § 286.9.010 et seq.
Payday Loan Terms:
Maximum Payday Loan Amount: $500
Payday Loan Term: 14-60 days
Maximum Payday Loan Finance Rate and Fees: $15 per $100
Finance Charge for 14-day $100 payday loan: $17.65
APR for 14-day $100 loan: 459%
Payday Loan Debt Limits:
Maximum Number of Outstanding Payday Loans at One Time: Two – $500 aggregate loans outstanding to all licensees
Rollovers Permitted: None – cannot renew, rollover, or consolidate
Cooling-off Period: None
Repayment Plan:
Payday Loan Collection Limits:
Collection Fees: One NSF fee (if disclosed)
Criminal Action: Prohibited
Regulator: Kentucky Office of Financial Institutions
Address: 1025 Capital Center Drive, Suite 200 Frankfort KY 40601
Phone: (800) 223-2579
Fax: (502) 573-8787
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