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Payday Advance Kentucky

Kentucky payday advance loans are accessible to its residents as long as certain criteria are followed. Only check cashing establishments are allowed to make short-term cash advances within the state, but residents can also obtain Kentucky payday loans from online sources as long as those lenders adhere to the legal parameters set by the state.

Payday cash advances are designed to meet immediate emergencies during times in which cash is short of hand. These loans are then usually repaid at the date of your next scheduled payday and, thus, are known as "payday loans".

Reasons for Applying for Kentucky Payday Loans

There are many reasons for which Kentucky residents might pursue short-term payday advances. You or a family member might come down with an unexpected illness, your car might break down, appliances or other systems might malfunction in the home, you might not have enough funds to feed the family, or you may simply require some extra cash for a vacation or other special outing.

Regardless of the reasons surrounding the need for extra cash, Kentucky payday loans supply the necessary funds to meet your needs. They are easily obtained and normally do not require background credit checks so having less than good credit is not a problem. Kentucky payday advances are repaid quickly, usually upon your next payday, so you avoid taking out long-term loans that can bog you down financially.

Requirements for Obtaining Kentucky Payday Loans

Filling out a short application form and providing some basic information is all you will need to obtain a payday loan in Kentucky. The application process includes specifications of the amount of loan desired, as well as providing the repayment date, which normally falls on your next payday. You are required to supply the lender with an accurate form of personal identification, proof of employment or other regular income, and bank savings or checking account information.

Your Kentucky payday cash advance will go through a rapid approval process, which usually takes less than 24 hours. Once funds are approved, they are deposited in the account that you supplied and are available for immediate use.

Keep in mind that in the state of Kentucky cash advance lenders may also require that you provide them with a check that is made out for the total loan amount, including interest and fees, and post-dated with the designated repayment date. Others may simply use your bank account info to electronically withdraw the amount on the due date. This is particularly true if you utilize direct deposit or seek Kentucky payday loans through an online lender.

Laws, Guidelines and Restrictions for Kentucky Payday Advances

Kentucky check cashers must be licensed by the state in order to administer payday loans. The amount of Kentucky payday loans cannot exceed $500 and they must be repaid within 60 days. No extensions (rollovers) of payday advance Kentucky loans are permitted so the loan must be repaid by the due date.

Finance charges and admissible fees are not to exceed $15 per $100 of the loan. The loan term for repayment must be at least 14 days with a 60-day maximum. Finance charges on a 14-day loan cannot exceed $17.65, which equates to an APR of no more than 459%.

There is no cooling off period, so Kentucky residents can acquire a new loan as long as all others have been satisfied. One non-sufficient funds (NSF) fee can be charged by the lender, but the amount is not specified under Kentucky law. Criminal charges are also considered by the state of Kentucky for those who neglect to repay payday loans.

Where to Obtain Additional Information

You can obtain more information on Kentucky payday loans and the laws surrounding them, as well as educational materials designed to educate and assist consumers with loan fraud and online scams by visiting the Kentucky website of the Department of Financial Institutions (DFI) at www.kfi.ky.gov. You can also reach DFI by calling 502-573-3390 or 800-223-2579.

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PaydayAdvance.org is not a lender, does not broker loans or extend credit to consumers. This website’s sole purpose is to connect consumers who are looking for payday advance loans online.

Not all lenders can provide your requested loan. Cash transfer times may vary between lenders and depend on your individual bank. Repayment terms vary by lenders and local laws. For details, questions or concerns regarding your payday advance, please contact your lender directly.

Residents of Arkansas, Georgia, New York, Oregon, Washington, West Virginia and Vermont are not eligible to apply.