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