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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