Kentucky Cash Advance Consumer information

Payday Loan usage info:
8% (eight percents)
Short term loan permit:
Authorized
Legislation:
286.9-010 et seq
Maximum loan amount:
Minimal lending is 500$. State law forbids more than two lending operations with one customer at one time.
Cash loan period:
Minimal loan duration is sixty days.
Fees:

Information is currently under correction


Kentucky cash loans are subject to several laws and regulations to govern the trade. These orders are set up to protect consumers as well as keep the trade fair for all parties involved. To help consumers with their application, skytrail cash offers comprehensive information about cash advance transactions within the state. We ensure that all information provided here is up to date; giving you the data you need to make the most out of each transaction.

Bigskycash welcomes feedbacks, comments and any questions you might have about Kentucky short-term loan laws.

Payday Loan Process in Kentucky

Payday loan process in Kentucky starts by filling in the form required by the lender and sending the requirements via fax, email or other means. The requirements often asked for by lenders include:

All borrowers must be 18 years old or more. Depending on the lender, the minimum salary requirement can be anywhere between $800 and $1000. Creditors also offer leeway for special cases such as bad credit, retired borrowers or those who are on welfare. Many Kentucky lenders can be reached through the internet. Approval time usually takes less than a week with deposits made immediately to the checking or savings account.

Kentucky Payday Loan Laws and Regulations

Following are the specific limitations enforced by the authorities on payday loan lenders:

The state of Kentucky does not permit rollovers, preventing borrowers from consolidating or renewing their payday loan. There is also no cooling off periods which allows individuals to get payday loans one after another.

Kentucky Consumer Protection

Payday loan consumer protection is handled by the Kentucky Office of Financial Institutions. Any complaints or questions must be directed to their offices.

The regulatory board can be reached through email or through their official website. As further warning to consumers, individuals have advised to familiarize themselves with the laws concerning payday loans. Inquiries to the regulators regarding specific lending practices are encouraged to ensure protection of the consumer.

Kentucky Payday Loan Alternatives

Alternatives for payday loans are available for those who prefer less risky forms of borrowing. First off, you can seek help from friends and family if the needed amount is low. You can also try pawning off items or selling them directly. Some employers allow cash advance loans that have simply subtracted from next month’s payment. Some credit cards also offer advances, and for larger cash flow needs, a bank loan is typically better in terms of interest rates.

Follow your City in Kentucky