Kentucky Cash Advance Laws & Regulations
Kentucky payday loans are supervised by the Kentucky Office of Financial Institutions. The current regulations are fairly similar to other states. It is important to note that the maximum $500 loan amount is an aggregated number, meaning if you take out the maximum two loans permitted, they cannot total more than $500 taken together.
Here are some specific Kentucky regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
60 days - Maximum Finance Charges and Fees
Interest rate cannot be higher than 15%, finance charges cannot exceed $17.65 per $100 - Maximum Loan Amount
$500 - Number of Rollovers
None - Outstanding Loans Allowed at Once
Two - Cool-Off Period
None
- Payment Plan
Yes, 4 part equal installments - Collection Fees
NSF fee - Presentment Limit
One - Private Right of Action
Civil and criminal charges for fraudulent checks - Military Protection
N/A - Penalties
Arbitration, attorney fees, and all loan costs including late fees
References:
Kentucky Revised Statute Ann. § 286.9.010 et seq
Kentucky Office of Financial Institutions
Mail: 1025 Capital Center Drive, Suite 200
Frankfort KY 40601
Phone: (800) 223-2579
Fax: (502) 573-8787
Web: KFI
Information by City
More Information about Kentucky
Latest News
Poll Ranks Thriving, Struggling and Suffering Americans State by State
The Gallup-Healthways Well-Being Index uses your responses to questions about your contentment to measure the percentage of people in America currently thriving, struggling or suffering.
Learning About the Laws & Regulations of Payday Loans in Kentucky
CashAdvance.com has released an informative page dedicated to those seeking a cash advance in Kentucky. The information will assist borrowers in Kentucky about the laws that govern cash advances in the specific state, and in…
© 2012 CashAdvance.com All Rights Reserved.
CashAdvance.com is Hawk, LLC, which is a limited liability company chartered pursuant to the laws of the Ute Indian Tribe and is wholly owned by enrolled members of the Ute Indian Tribe. By your use of this website you consent to the laws and jurisdiction of the Ute Indian Tribe as it relates directly or indirectly to your use of this website.
Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
Legal Disclaimer: This website does not constitute an offer or solicitation to lend. CashAdvance.com is not a lender, does not broker loans, and does not make loan or credit decisions. The operator of this Web Site is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. CashAdvance.com provides a service only and is not acting as a representative, agent, or correspondent for any service provider or lender. CashAdvance.com's aim is to inform users of possible lenders who may be able to satisfy the needs of a particular consumer. CashAdvance.com does not endorse any particular service provider, lender, nor loan product. You are under no obligation to use CashAdvance.com's service to initiate contact, nor apply for credit or any loan product with any service provider or lender. Service providers or lenders will typically not perform credit checks with the three major credit reporting bureaus: Experian, Equifax, or Trans Union. However, credit checks or consumer reports through alternative providers such as Teletrack or DP Bureau, which typically will not affect your credit score, may be obtained by some service providers or lenders, in certain circumstances. You will not be charged any fees to use CashAdvance.com's service. Learn more on our Rates & Fees section.
Availability: Residents of some states may not be eligible for a short term cash loan based upon lender requirements. CashAdvance.com does not guarantee that completing an inquiry form will result in you being matched with a service provider or lender, being offered a loan product with satisfactory rates or terms, nor receiving a loan from a service provider or lender.