Payday Loan Laws




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Free Payday Loan Newsletter. The frequency is typically once each month. If you have an interest in the payday loan industry, YOU NEED OUR Payday Loan NEWSLETTER!

WE PROMISE to never sell, give-away, or abuse your contact info. You will receive a confirmation email from us immediately.

Kentucky Payday loan laws. Kentucky Payday loan legislation.

$15% per $100 on face amount of check.

Minimum term of 14 days and a maximum term of 60 days. Maximum cash advance amount allowable is $500. Rollovers are prohibited.

For a thorough discussion of the payday loan industry and access to our payday loan training materials, we recommend you proceed to Payday and Paycheck Loans.com

General Stats:
KENTUCKY’S 400%+ PAYDAY LOANS.

Database shows that KY payday loan borrowers are indebted for 202 days a year on average. Kentucky payday lenders charge $15.00 per $100 borrowed, plus additional fees, every two weeks. This means payday loans carry at least a 391% APR.

A typical Kentucky payday borrower had 10 payday transactions, costing $562 in fees alone for a $330 loan.

90% of payday revenue is generated by borrowers with five or more loans a year.

More than 5,200 Kentuckians used one or more payday loans to solve their financial problem!

Kentucky Payday Loan Laws & Legislation State Information

Legal Status: Legal (Applies to check cashers only)

Citation:
Kentucky Rev. Stat. Ann. § 286.9.010 et seq.

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 14-60 days
Maximum Finance Rate and Fees: $15 per $100
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding 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:

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
Regulatory Contact: Gary Davis,, Branch Manager
Regulator Website

Kentucky Check Cashers, Deferred Deposit and/or Payday Lenders

Complaint Form Link